For a long time, traders considered American Non-farm Payrolls (NFP) the most important release in the market. However, the situation has changed. Now US CPI moves financial markets.
Gold moderately ascends, while keeping to this year’s low
On Tuesday, gold changed insignificantly, keeping close to the minimum of 2018, which was recorded at the last trading session. The high demand for risky assets has diminished the demand for the number one precious metal.
Gold futures went up by approximately 0.1% being worth $1291.30. At the previous session gold went down to $1281.20, which turns out to be the lowest reading since December 27.
On Monday, gold tumbled after the truce between the United States and China reduced fears of an imminent trade conflict.
On Monday, both America and China reported freezing of the trade conflict as their victory. The two leading economies of the world took a step back on the road to a trade conflict and agreed to proceed with negotiations on how to ramp up the export of American goods to China.
According to the outcomes of the second round of US-China negotiations, the surge of the share price of American companies as well as the revenue of US government bonds provoked a soar in the price of the evergreen buck, which suppressed gold.
On Wednesday, market players expect the publication of the minutes of the last gathering of the Federal Reserve.
Forecasts that the US major financial institution will have the interest rate lifted in June, have become another factor for lowering the price of the most popular precious commodity.
A jump in the interest rate of the Fed usually backs the evergreen buck and US bonds, thus cutting the demand for non-profit assets.
As for other valuable metals, silver and palladium futures went up to respectively $16.59 an ounce and $991.30 an ounce.
Platinum managed to gain 0.4% being worth $903.30 an ounce. During the previous trading session, platinum headed south to the year’s low - $873.50.
United States Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on November 5, 14:30 GMT+2.
United States Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on October 8, 15:30 GMT+3.
The US Bureau of Economic Analysis will publish Core Personal Consumption Expenditures (PCE) on May 27 at 15:30 GMT+3.
The United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.