The organization of the petroleum exporting countries (OPEC) and non-OPEC oil producers (Russia) will meet on July 1-2.
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.
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…
On Tuesday, gold rallied because uncertainty over the latest developments in Britain’s departure from the EU backed safe haven demand and traders looked ahead for American inflation data to underpin the Fed’s pledge to remain on hold…