Heads up to the release of weekly crude oil inventories at 17:30 MT!
Gold is intact
The postponed US-China summit as well as weaker estimates for the EU are playing into a decelerating global surge narrative, which could potentially brighten gold bugs' expectations.
On Thursday, the yellow metal stood still after NBC informed that a meeting between US leader and his Chinese rival Xi Jinping wouldn’t probably occur before the March 1 deadline set by America for concluding a trade deal.
American equities were pressured too after the European Commission had its euro zone surge estimates slashed for 2019 and 2020 because of a sudden deceleration in the largest countries of the EU, partly on trade clashes.
After Wall Street's firm run in January — on soothing trade worries, a dovish major US bank as well as mostly positive American earnings — the stock market has wobbled in February on gloomy estimates from several American companies.
As for futures trading, on the Comex exchange April delivery gold futures headed south by 20 cents being worth $1,314.20 per ounce.
Besides this, the spot gold contract managed to ascend by 0.3% concluding the trading session at $1,310.79 per ounce.
Gold futures reached maximums above $1,300 for five sessions in a row through January 31, with an absolute peak at $1,331.10. The ascend was pushed by traders ramping up their stakes in the metal in the face of Fed reassurances that it’s going to be patient enough with rate lifts. By the way, at its January gathering, the key US financial institution hinted that it would leave its key rates on hold.
Since that ascend, the financial market happened to have hit a temporary top as the evergreen buck managed to regain its mantle as a safe haven counterpart to the yellow metal.
Meanwhile, silver futures tacked on by 0.1% showing $15.72 per ounce.
Copper lost 0.4% being worth $2.85 per lb.
Crude oil inventories will be out at 17:30 MT time
The tweet by Iran's foreign minister increased the possibility of tensions in the region. It pushed the oil prices up.
The escalation of the US-China trade dispute and the Brexit uncertainties keep affecting the market. Read more!
The reports that the UK and the EU are close to complete a draft Brexit deal have pushed the British pound higher.
The GBP is going to be volatile today, while USD/TRY may be looking for a retest of its highs. Read more!