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 rebounds from 4-month maximums
On Wednesday, gold slumped in early trade, rebounding from its strongest value for four months because the evergreen buck soared versus a currency basket.
A stronger greenback normally weighs on the number one precious metal because it dampens gold’s appeal as an alternative asset and also makes greenback-priced commodities less affordable for holders of other currencies.
Gold futures hit $1,335.50 a troy ounce, sliding approximately 0.1% from the previous session's close. Yesterday it reached the best value since September 8 sticking to $1,345.00.
At the same time silver futures were nearly intact, being worth $17.19 a troy ounce. On Monday this commodity hit a three-month maximum of $17.42.
As for other metals, palladium rallied 0.7% showing an outcome of $1,096.60 an ounce. On Monday the metal marked a record-maximum of $1,133 due to ascending demand for the car industry.
Meanwhile, March delivery copper futures sagged 0.6% hitting $3.201 a pound.
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.