Will the oil prices rise?
The organization of the petroleum exporting countries (OPEC) and non-OPEC oil producers (Russia) will meet on July 1-2.
Gold keeps to 5-week minimum
On Tuesday, the yellow metal fluctuated near the previous trading session's five-week minimum because a broadly stronger greenback affected the appeal of gold.
On the Comex exchange, gold futures demonstrated an outcome of $1,286.95 a troy ounce, having dived to $1,283.80 on Monday, which happens to be its worst outcome since January 24.
Besides this, spot gold stood still showing $1,285.89 per ounce.
Estimating the purchasing potential of the American dollar versus its primary peers the USD index was worth 96.71 – that’s not far from the previous day's two-week maximum.
A stronger evergreen buck traditionally puts pressure on the yellow metal because it dampens this commodity’s appeal as an alternative asset and also makes dollar-priced commodities less affordable for those investors who hold other currencies.
Losses were held in check due to the fact that China had its 2019 economic surge objective reduced, thus affecting the outlook for the world’s economy.
On Tuesday, China told that it was targeting economic surge of from 6% to 6.5% this year, down from the 6.6% surge posted in 2018 that was already the lowest outcome for decades.
The government also announced more stimulus, such as reduction in taxes, increased infrastructure investment, not to mention lending to small businesses.
Global surge worries turn out to be a long-term factor and financial experts see some support coming in for the number one precious commodity.
As for other metals, silver futures managed to ascend by 0.1% being worth $15.11 a troy ounce.
In addition to this, palladium futures went down by approximately 0.5% ending up with an outcome of $1,477.40 an ounce. Additionally, platinum futures rallied by 0.2% concluding the trading session at $840.70 an ounce.
Similar
The rally for the yellow metal
The dovish Fed pushed the price for the yellow metal up.
Gold reaches new high
The price for the yellow metal has crossed the level at $1,341.
Latest news
British inflation tacks on for the first time this year
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
Evergreen buck heads north
On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…
Gold ascends on Brexit jitters
On Tuesday, gold rallied because uncertainty over the latest developments in Britain’s departure from the EU backed safe haven demand and traders looked ahead for American inflation data to underpin the Fed’s pledge to remain on hold…
Deposit with your local payment systems
