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 moderately in Asia
On Tuesday, gold sank a bit in Asia, with language from the Federal Reserve after its Wednesday’s rate announcement considered to be key for direction.
February delivery gold futures dived 0.06% in New York being worth $1,246.10 a troy ounce.
Overnight, gold was still pressured notwithstanding weakness in the greenback as data disclosed money managers dared to slash their bullish bets on gold to a 17-week minimum ahead of a widely aniticpated Federal Reserve interest rate lift.
Fresh from a three-week losing marathon, the number one precious metal struggled to pare recent losses as market participants waited for the final Federal Reserve gathering of the year slated to get underway on Tuesday, while a policy decision will emerge on Wednesday.
Apart from the policy decision on interest rates, market participants are also expected to digest the Fed’s update to the summary of economic projections for further clues on upcoming monetary policy.
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.