According to yesterday’s news OPEC is considering further production cuts. The next meeting of oil-producing countries is scheduled for December 5-6. The announcement pushed the oil prices up yesterday.
Gold is nearly intact
On Wednesday, gold was nearly intact because traders closely watched a policy statement by the key US bank, which is expected to shed light on its interest rate plan for the rest of 2019.
On the Comex exchange, gold futures rallied by 0.1% hitting $1,307.65 a troy ounce.
Besides this, spot gold hit $1,307.90 an ounce, soaring by 0.1%.
The key US financial institution is generally anticipated to keep rates on hold. By the way, the Fed's December projection suggested two rate lifts in 2019, but it’s widely anticipated to be trimmed to just one lift.
In addition to this, the key US bank is anticipated to come up with a plan to cease decreasing its $4 trillion balance sheet, also dubbed quantitative tightening. A lot of policymakers have admitted that the key US bank will probably conclude the process and have its bond holdings stabilized by the end of 2019.
Evaluating the greenback’s purchasing value versus its primary rivals the USD index hit 95.86, which is not far from Tuesday's two-and-a-half-week minimum of 95.73.
In addition to this, palladium went up to an all-time maximum for the trading session in a row due to the fact the supply outlook tightened further.
As for spot palladium, it managed to rally by 0.4% reaching $1,594.99 an ounce after a recording a maximum of $1,603.42. By the way, it’s believed that Russia intentionally reduces palladium supply to provoke a bullish scenario. Being a key producer of this vital auto catalyst metal, Russia has put a temporary ban on the export of palladium scrap as well as tailings from May 1 to October 31 2019.
Additionally, silver futures slipped by 0.1% hitting $15.35 a troy ounce. As for platinum, it rallied by 0.4% ending up with $855.95 an ounce.
The remarks by Nigel Farage during the Brexit party's election event have sent the British pound higher…
The Reserve bank of New Zealand will release the monetary policy statement and its interest rate at 3:00 MT on November 13.
A calm trading session with the US-China trade updates in focus