This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?
Gold inches up as greenback pulls back
On Monday, gold ascended because the greenback pulled back notwithstanding mounting expectations that a key US tax reform can be approved before the end of 2017.
Gold futures rallied 0.16% in New York being worth $1,259.70 a troy ounce, which is off Friday's one-and-a-half week maximum of $1,264.50.
The US currency was initially underpinned after on Friday Republicans added the final strokes on a highly anticipated tax overhaul bill.
Republicans are assured that Congress will have the tax bill passed this week.
The previous week the number one precious metal had gained after the key US bank lifted interest rates to 1.50% by 0.25 basis points, while leaving its projections for next year intact.
Estimating the US currency’s value versus a basket of six main currencies, the US dollar index headed south 0.15% hitting 93.32.
Aside from that silver futures edged up 0.32% showing a reading of $16.12 a troy ounce.
US Energy Information Administration will reveal Crude oil inventories on February 9, 17:30 GMT+2.
On Wednesday, February 2, during the day, members of the Organization of Petroleum Exporting Countries (OPEC) and Joint Ministerial Monitoring Committee (JMMC) will discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.
The United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.
The Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.