The organization of the petroleum exporting countries (OPEC) and non-OPEC oil producers (Russia) will meet on July 1-2.
Gold sags in Asia on stronger greenback
On Thursday, gold sank in Asia because the evergreen buck demonstrated gains, thus making the precious commodity priced in the US currency more expensive for major buyers, including India and China.
December delivery gold futures tumbled 0.27% in New York being worth $1,248.30 a troy ounce.
Overnight, the precious commodity dived abruptly amid a soar in the greenback on the back of strengthening hopes for a year-end rate lift as well as tax reform.
Hopes rose that tax reform is going to be implemented sooner rather than later backing a move higher in the greenback, putting pressure on gold prices because Republicans in the American Congress as well as the White House disclosed plans to change America’s tax code in a proposal, which cuts taxes on wealthy businesses.
Greenback-denominated assets, including gold appear to be sensitive to moves in the US currency – a soar in the US currency makes gold less affordable for holders of foreign currency, therefore affecting demand.
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…
On Tuesday, gold rallied because uncertainty over the latest developments in Britain’s departure from the EU backed safe haven demand and traders looked ahead for American inflation data to underpin the Fed’s pledge to remain on hold…