What will happen? The Organization of the Petroleum Exporting Countries and 10 additional oil-exporting countries, including Russia, will hold a videoconference on July 1…
Gold inches up on demand from China and India
On Tuesday, gold tacked on in Asia, with physical demand from India during the festival season as well as the other leading importer China because markets get back after a week-long holiday the previous week.
December delivery gold futures rallied 0.31% being worth $1,289.05 a troy ounce.
Overnight, the number one precious commodity grew, backed by a sink in the US currency because a leap in geopolitical uncertainty enhanced demand for gold, although growing expectations that the key US financial institution will increase its rates for the third time in 2017 capped revenues.
Gold managed to make a firm start to the trading week amid recovering geopolitical uncertainty because Donald Trump’s tweets over the weekend drove fears that the US president is seriously considering military action against North Korea.
Net bullish bets on the yellow precious metal inched down to 203.9, as the Commodity Futures Trading Commission informed on Friday.
What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!