Gold moves up in Asia on Fed dovish tone

Gold moves up in Asia on Fed dovish tone

On Thursday, gold strengthened in Asia because market participants considered the Fed’s May meeting minutes to be dovish.

June delivery gold futures jumped 0.50% in New York, trading at $1,259.38 a troy ounce. As for copper futures, they tumbled 0.19%, being worth $2.584.

Overnight, gold didn’t change because market participants parsed the Fed minutes for probable  changes in the outlook regarding the path of American interest rate lifts, right after the recent bunch of economic data demonstrated a slowdown in American economic activity in the first quarter.

American economic surge, measured by GDP, tacked on by annualized rate of 0.7% for the first three months of this year. Since 2014 it turned to be the slowest period of first-quarter surge.

In spite of the fact, the American labor market kept demonstrating signs of strength, as unemployment went down to 4.4%, which is the lowest outcome since 2007, in April the overall rate of inflation dropped to 2.2% from a high of 2.7% hit in February.


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

Can the UK CPI surprise?
Can the UK CPI surprise?

The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.

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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