Observing news today one can easily get disappointed. However, things are getting better.
Gold inches up
On Thursday, gold managed to gain due to the fact that the evergreen buck gave up some of its revenues, while relieving trade-war worries assisted traders in cutting bearish bets on other commodities.
August delivery gold futures added 0.20% on the Comex exchange coming up with an outcome of $1,246.90 a troy ounce.
The number one precious commodity managed to rebound from seven-month minimums because the evergreen buck struggled to hold profits, staying above the flat line, right after data disclosed mild surge in consumer prices in June.
On Thursday, the Labor Department revealed that its Consumer Price index gained by 0.1% in June having leapt by 0.3% in May. It confounded financial analyst’s expectations for a 0.2% leap.
Gauging the purchasing potential of the major American currency versus its leading counterparts, the USD index managed to soar by 0.02% demonstrating 94.50 in the face of upbeat wholesale inflation data Tuesday.
Greenback-denominated commodities, including the most popular precious metal, happen to be very sensitive to any change in the value of the US currency. Each time the evergreen buck goes up for holders of foreign currency gold becomes less affordable, thus diminishing demand for this precious commodity.
Gold didn’t manage to make a considerable ascend because risk-appetite became positive on the prospect of resumed US-China trade negotiations.
According to some sources, Chinese and American officials admitted restarting the trade talks that could potentially end up with a bilateral agreement.
Receding trade worries powered demand for other commodities. Copper found itself on track to snap a three-day losing marathon.
Copper futures managed to leap 1.29% hitting $2.78, zinc added 1.01% showing 2,583.25.
Aluminium futures tacked on by 0.91% being worth 2,043.25, nickel futures edged up 2.20%.
Silver futures went down 1.09% coming up with $15.99 a troy ounce; platinum futures rallied 1.21% demonstrating $845.30.
XAU/USD reversed down from the $1,700 area and dropped to $1,586 on March 12.
Oil market crashed after OPEC+ didn’t agree on production cuts. What’s next? Let’s see what bank analysts have to say about this.
RBA Rate Statement is released on Tuesday at 07:30 MT time.
WTI oil prices jumped up after Donald Trump’s 2 tweets
Today the US nonfarm payroll data will be reported that could cause fluctuations of the market.