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On Friday, gold managed to rally due to the fact that American leader shockingly impacted market optimism generated by the probability of renewed trade negotiations between China and America.
December deliver gold futures jumped by up to 0.2% on the Comex exchange being worth $1,210.6 per troy ounce.
US leader threw cold water on the very idea that trade negotiations initiated by the US government are aimed at clarifying disputes between China and America by writing on Tweeter that America wasn’t pressured to make a deal with the Asian partner.
After Chinese officials accepted the invitation, China Daily, the state-owned newspaper told that the Chinese government won’t buckle to American demands in any trade talks.
The newspaper told that the current US presidential administration shouldn’t think that China is going to surrender to the American demands. China claims it has enough fuel to power its national economy even if a trade conflict is going to be prolonged.
Apparently, the back and forth showed up after US leader’s threats on probable levies on literally all Chinese products. The Chinese government promised to respond.
Meanwhile, the strengthening uncertainty regarding the trade war between American and China backed gold.
In addition to this, American consumer prices rallied less than anticipated in August because profits in rents and gasoline were compensated by a dive in healthcare as well as apparel costs. As for inflation pressures, they decelerated too. The Federal Reserve is anticipated to have its benchmark interest rates lifted at its gathering already this month.
Besides this, South African miner Gold Fields Ltd is on the verge of prolonging the service life of its Cerro Corona gold mine situated in Peru till 2040. The company intends to invest up to $240 million in the mine.
For a long time, traders considered American Non-farm Payrolls (NFP) the most important release in the market. However, the situation has changed. Now US CPI moves financial markets.
United States Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on November 5, 14:30 GMT+2.
United States Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on October 8, 15:30 GMT+3.
The US Bureau of Economic Analysis will publish Core Personal Consumption Expenditures (PCE) on May 27 at 15:30 GMT+3.
The United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.
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