Gold jumps in Asia ahead of Fed gathering

Gold jumps in Asia ahead of Fed gathering

On Wednesday, gold leapt in Asia, with the upcoming Fed gathering believed to hold steady and market participants cautious ahead of nonfarm payroll data.

December delivery gold futures rallied 0.01% being worth $1,270.65 a troy ounce. Meanwhile, copper futures added 1.19% trading at $3.149 a pound.

October’s Caixin/Markit manufacturing PMI hit 51.0, standing still from September.

Overnight, the precious commodity hovered above session minimums suppressed by a soaring greenback on the back of bullish economic reports, which raised traders’ expectations of bullish American economic surge.

In October, the Conference Board’s consumer confidence gauge tacked on to 125.9 from September’s reading of 119.8, thus confounding experts’ estimate for an outcome of 121.

By the way, consumer sentiment appears to be a major indicator of consumer spending, playing a crucial role in overall economic activity.


Russian Oil Got Banned from Market
Russian Oil Got Banned from Market

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?

Will oil change the trend after OPEC-JMMC meetings?
Will oil change the trend after OPEC-JMMC meetings?

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.

Latest news

The US Retail Sales Update
The US Retail Sales Update

The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.

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