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 prices decline in Asia
On Tuesday, gold sank moderately, with markets on watch for further developments on the Korean peninsula. However, traders noted strong equity markets as well as investor confidence.
In New York, June deliver gold futures dropped 0.15%, trading at $1,275.65 a troy ounce. Meanwhile, silver futures added 0.16%, being worth $17.960 a troy ounce. As for copper futures, they leapt 0.78%, hitting $2.586 a pound.
Overnight, gold prices dipped, as market participants pulled out of safe-haven assets, including gold, after pro-European nominee Emmanuel Macron managed to dominate the first round of the French presidential election.
Gold faced its biggest sag for over a month, declining more than 1%, after surveys showed Mr Macron would emerge victorious against anti-EU nominee Marine Le Pen during the run-off vote to take place on May 7.
The decrease in gold prices was capped by greenback weakness as well as ascending geopolitical tensions.
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.