Gold sag in Asia as American jobs are awaited after Fed views

Gold sag in Asia as American jobs are awaited after Fed views

On Thursday, gold sank in Asia because market participants looked ahead to end of the week nonfarm payroll figures, which follow a Fed review that set a relatively weak tone for gold.

In New York, June delivery gold futures edged down 0.53% getting to $1,241.87 a troy ounce. As for copper futures, they added 0.64%, being worth $2.533.

Meanwhile, for March Australia posted its trade balance at A$3.107 billion, which is a bit narrower than the A$3.4 billion surplus observed. Then, China informed that April’s Caixin services PMI descended to 51.6, compared with the expected 52.6 level, the lowest in early 2017.

Overnight, gold traded lower, reacting to the publication of strong American data sparked upside momentum in the greenback and capped revenues in gold.

Gold kept trading close to three-week minimums, after better than expected jobs as well as services sector surge data underpinned hopes that the Fed would lift interest rates already in June.


Russian Oil Got Banned from Market
Russian Oil Got Banned from Market

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?

Will oil change the trend after OPEC-JMMC meetings?
Will oil change the trend after OPEC-JMMC meetings?

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.

Latest news

Can the UK CPI surprise?
Can the UK CPI surprise?

The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.

The US Retail Sales Update
The US Retail Sales Update

The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.

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