Heads up to the release of weekly crude oil inventories at 17:30 MT!
Gold revives after largest weekly slump for a year
On Monday, gold ascended, recovering some losses having faced its largest weekly sag for more than year because market participants awaited references from the Fed later this week.
December delivery gold futures soared by 0.72% on the Comex exchange hitting $1,192.90 a troy ounce.
Gold futures concluded the previous week down by 2.86%, which is the greatest weekly sag since early May last year, having slumped to $1,176.20 last Thursday, demonstrating the lowest reading since early January last year.
So far in 2018 this commodity has lost by 10.8%, suppressed by the stronger evergreen buck as well as soaring interest rates.
Investors will pay much attention to any clues from the major financial institution this week on the future path of the country’s monetary policy.
On Wednesday, market participants will get a chance to view the minutes of the Fed’s August gathering, when it left interest rates intact and showed that it’s still on track for extra rate lifts in 2018.
On Friday, Jerome Powell is anticipated to make his first appearance as Fed chief in Jackson Hole at the annual economic symposium.
Market participants are going to be on the lookout for any updates to the Fed’s outlook on inflation, the US economy as well as trade war concerns.
Financial markets are actually expecting the next rate lift to take place in September, with the probability of an extra lift in December accounting for 63%.
As for other metals, silver futures managed to tack on by 0.20% hitting $14.660 a troy ounce.
Palladium futures managed to ascend by 2.15% coming up with $896.70 an ounce. At the same time, platinum futures edged up by 1.92% being worth $792.20.
Besides this, copper futures rallied by up to 1.18% showing $2.660 a pound.
Crude oil inventories will be out at 17:30 MT time
The tweet by Iran's foreign minister increased the possibility of tensions in the region. It pushed the oil prices up.
The reports that the UK and the EU reached a deal pushed the GBP up immediately.
The European Brexit Summit will gather the main attention today...
Australia will publish the level of employment change and the unemployment rate at 3:30 MT on October 17.