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?
Gold sinks in Asia, remaining backed on Middle East tensions
On Friday, gold went down in Asia, while being backed due to Middle East tensions between Saudi Arabia and Iran and an approaching summit in Vietnam among Asia-Pacific nations.
December delivery gold futures slumped 0.11% in New York trading at $1,286.13 a troy ounce.
Overnight, gold climbed up to three-week maximums amid a decline in the greenback on fears that the Senate would postpone corporate tax cuts until 2019.
Gold contributed to revenues from Wednesday’s trading session after the US currency dived on reports that on Thursday Senate Republicans will suggest delaying a cut in the corporate tax rate to 20% from 35% until 2019.
The very news of a probable delay to corporate tax cuts reversed recent risk-on sentiment, driving a flight-to-safety as investors happened to unwind their bullish bets on risky assets that followed on hopes that President Trump’s tax-reform plans would be operative before year-end.
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.