Gold sags in Asia as risk trade relives

On Monday, gold edged down in Asia because risk trade relieved and market participants waited for more insight on American tax cut plans as well as related Fed policy.

December delivery gold futures dived 0.33% being worth $1,292.1841 in New York.

Meanwhile, copper futures went down 0.36% trading at $3.057 a pound.

The industrial metal has rebounded approximately 6% from the three-year maximums reached in late October, amid worries as for demand from China, the world’s number one consumer. For the year copper has gained more than 20%.

Additionally, China informed that home prices in key country’s cities were still steady as leaps and dips slowed tempo in October amid severe government controls.

Besides this, traders will pay attention to Wednesday’s Fed gathering minutes for new clues on the probable trajectory of monetary policy.

American data on durable goods orders will be monitored too in this holiday-shortened week.

Similar

08.03.2022 21:17 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?

08.02.2022 09:40 First Oil Release After OPEC Meeting

US Energy Information Administration will reveal Crude oil inventories on February 9, 17:30 GMT+2.

01.02.2022 09:26 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.