The organization of the petroleum exporting countries (OPEC) and non-OPEC oil producers (Russia) will meet on July 1-2.
Gold slumps in Asia as greenback grows
On Monday, gold sank in Asia because the US currency showed strong revenues after Japan's Premier Shinzo Abe managed to win re-election, thus indicating continued easy policy.
December delivery gold futures went down 0.24% in New York reaching $1,277.39 a troy ounce.
Overnight, the number one precious commodity dipped, suppressed by the stronger greenback that spurred after Donald Trump's intention to overhaul the tax code removed a critical hurdle.
On Friday, the evergreen buck rallied, making this precious metal less affordable for holders of other currencies, right after Senate Republicans officially approved a budget measure, which will enable them to proceed with tax cuts without support from the Democrats.
The US dollar index concluded the week up 0.69%, which is its fifth weekly soar for six weeks. Market participants actually expect a fiscal boost to spur inflation, increasing pressure on the Fed to lift interest rates, dubbed the "Trumpflation" trade.
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…