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 slides in Asia ahead of American nonfarm payrolls
On Friday, gold decreased in Asia, with nonfarm payrolls ahead expected to set greenback direction considered significant for overseas buyers from key importers, including China and India.
August delivery gold futures slumped 0.39% in New York trading at $1,266.89 a troy ounce.
Overnight, the precious commodity traded modestly below breakeven, although remained close to seven-week maximums because market participants waited for nonfarm payrolls data for clues as for the strength of the US economy amid a sag in expectations the Fed will stick to its plan to lift rates once more in 2017.
The commodity struggled to for direction during early morning American trade because traders remained cautious of starting large positions in gold ahead of Friday’s nonfarm payroll data, expected to provide further prompts on the outlook for interest rate hikes.
In recent weeks gold inched up because investor uncertainty regarding the tempo of American interest rate lifts continued amid a storm of mixed economic reports driving expectations that the Fed could backtrack on its intention to lift rates later in 2017.
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 Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.
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.