The organization of the petroleum exporting countries (OPEC) and non-OPEC oil producers (Russia) will meet on July 1-2.
Gold slides in Asia as American tax cut clues awaited
On Wednesday, gold declined in Asia because market participants took positions ahead of an anticipated roll-out of the Trump administration's initiative for tax cuts. They were also impressed by a more hawkish speech by the US major bank's chief.
December delivery gold futures went down 0.27% being worth $1,298.20 a troy ounce.
Overnight, gold sank as December rate-hike hopes rallied after Fed Chair Janet Yellen told that key bank requires being wary of moving gradually enough on interest rates just to avert the US economy overheating.
Yellen’s comments emerged just a day after gold ascended steeply, reacting to renewed tensions on the Korean Peninsula right after North Korea told that Donald Trump had dared to declare war on his country, thus granting him right to shoot down American aircraft flying near the peninsula.
Financial experts were quick to downplay hopes for a prolonged tumble in gold prices hinting that safe-haven demand could get back as geopolitical uncertainty was still front and center.
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…