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 keeps recovering from last week’s multi-month minimums
On Wednesday, gold soared, proceeding with its revival from multi-month lows reach the previous week.
August delivery gold futures grew 0.37% demonstrating $1,219.23.
This week the most popular precious metal has been rebounding following stronger-than-expected economic data from America, a subdued inflation picture from China as well as Japan’s narrower-than-expected account surplus.
A strengthening in other commodity prices, including iron and crude have also helped. Meanwhile, political uncertainty in America has taken some of the shine off the greenback.
On Monday, China announced that in June the Consumer Price Index inched up 1.5% year-on-year, while the Producer Price Index soared 5.5%.
The previous week, gold prices went down to nearly four-month minimums on Friday.
The previous month the American economy generated 222,000 jobs, as the Labor Department informed, which is more than the 179,000 new jobs foreseen by economists.
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 Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.
The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.