
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?
On Tuesday, gold went down in Asia because market participants kept monitoring political risk in the Middle East simultaneously staying away from new buying as the greenback rebounded regionally.
December delivery gold futures sank 0.17% being worth $1,279.44 a troy ounce. As for copper futures, they slumped 0.16% trading at $3.154 a pound.
Meanwhile, the US dollar index rallied 0.06% hitting 94.68 having dropped steeply overnight.
Overnight, the most popular precious metal traded steeply higher because political uncertainty in the Middle East powered safe-haven demand.
Gold managed to make rather a strong start to the trading week because traders piled into the precious commodity amid soaring political uncertainty in the Middle East right after Saudi Crown Prince Mohammed bin Salman dared to lead an anti-corruption drive resulting in a series of arrests of well-known Saudi Arabians.
A retreat in the evergreen buck also backed a move higher in gold because investor concerns over the leadership of the Fed surged after the Federal Reserve Bank of New York officially confirmed that William Dudley was on the way to retire earlier than previously planned.
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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