The organization of the petroleum exporting countries (OPEC) and non-OPEC oil producers (Russia) will meet on July 1-2.
Gold slips ahead of major data
On Monday, gold was nearly intact, decreasing a bit because traders waited for a batch of major American economic data along with an appearance from Fed Chair Jerome Powell.
On the Comex exchange, April delivery gold futures tumbled by 0.16% being worth $1,330.65 a troy ounce, although still keeping to a three-month maximum of $1,349.80 recorded the previous week.
After American leader told that he would postpone the imposition of more levies on China’s goods beyond the initial March 1 deadline, and wanted to meet with Xi Jinping to come to a compromise, China’s state news agency Xinhua stressed that fresh uncertainties might show up during the final stage of the trade talks.
The given news turns out to be a double-edged sword for the yellow metal. Well, while greater risker appetite underpins the currencies of emerging countries whose major financial institutions are among the key buyers of this precious commodity, the outperformance of risky assets such as stocks could back some outflows from safer ones such as bonds and the yellow metal.
Financial markets actually expect the Fed Chair to underpin the very idea of an early end to the major bank’s balance sheet runoff.
Aside from that, market participants are eager to get familiar with the fourth-quarter gross domestic product expected to come out on Thursday. By the way, te release of that report was postponed by the 35-day government shutdown.
This week other economic data releases include housing starts as well as building permits on Tuesday. As for data on personal consumption expenditure, the US major bank’s primary inflation indicator, along with manufacturing and consumer sentiment are expected to come out on Friday.
As for other metals, silver futures declined by 0.26% hitting $15.873 a troy ounce.
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