Yesterday’s private survey showed larger-than-expected cut in oil output.
Gold prices inch down amid soaring US futures
On Tuesday, gold prices declined, losing some of their surge recorded at the last session. Futures on American stock markets pointed to surge after yesterday's sell-off, which reduced the demand for protective assets.
June delivery gold futures on a subdivision of the New York Mercantile Exchange, the Comex managed to acquire 0.42% coming up with $1341.1 per troy ounce.
On Monday, gold prices rose 1.44% amid worsening investor sentiment after the sale of technology companies, which led to a drop in quotations on Wall Street. Market participants are used to buying gold to save their money in times of political or economic instability.
The decline in the value of shares of technology companies in recent weeks has been associated with deep concerns about the misuse of user data by Facebook. Another factor of decline was the possibility of changing the tax regime for Amazon.
On Tuesday, American equities pointed out to a definite recovery at the opening generally neglecting a decline in stock markets in the European Union as well as Asia during night trading.
Investors are still apprehensive after China dared to impose extra duties on the import of some American goods. It led to increased disagreement between the two largest economies of the world and raised concerns about global economic growth.
It’s highly anticipated that this week the Trump administration is going to publish a list of Chinese goods, to which fresh duties are going to be imposed.
As for other metals, silver futures headed south 0.79% on the Comex demonstrating a reading of $16.54 per troy ounce. At the same time platinum futures managed to tack on 0.09% ending up with $937.30.
In addition to this copper futures inched up about 0.36% offering an outcome of $3,061 per pound.
The release of crude oil inventories earlier today showed a surprise increase in the number of barrels.
The yellow metal reached the highest levels in 6 years amid the global risk aversion.
The retail sales for the US in focus today
During today's Turkish central bank meeting, the market anticipated a rate cut between 200-300 pips.
The USA will publish the level of retail sales and core retail sales on September 13, at 15:30 MT time.