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On Tuesday, gold declined, rebounding from the previous session's six-week maximum because market participants waited for comments from the next governor of the Fed for new clues on the probable trajectory of US monetary policy.
Gold futures dived 0.2% showing an outcome of $1,292.80 a troy ounce. In the previous trading session the precious commodity demonstrated its best level since October 16 hitting $1,299.00.
On Monday, gold managed to settle higher, gaining some support from recent weakness of the US dollar index.
A bit later on Tuesday, Jerome Powell, picked by Donald Trump as the next Fed Governor, is scheduled to appear before the Senate Banking Committee for his confirmation hearing – it’s expected to provide some insight into how the new Fed Chair intends to lead the key US bank.
Financial markets are doubtful as for the Fed’s ability to lift rates soon considering the sluggish inflation outlook.
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?
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 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.
The US PPI will come out on Thursday, May 12, at 15:30 MT time.
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