According to yesterday’s news OPEC is considering further production cuts. The next meeting of oil-producing countries is scheduled for December 5-6. The announcement pushed the oil prices up yesterday.
Gold soars in Asia ahead of Fed decision on rates
On Wednesday, gold edged up moderately in Asia, with the Federal Reserve generally expected to officially announce a quarter point lift in interest rates, although the language on 2018 is considered to be decisive for the number one precious metal.
In New York, February delivery gold futures rallied 0.28% being worth $1,245.20 a troy ounce.
Overnight, the yellow metal was still at five-month minimums amid dollar strength that followed an improving inflationary environment. Meanwhile, a widely anticipated Fed interest rate lift kept weighing on gold.
An improving inflationary environment that could potentially encourage the major US bank to adopt a tighter rate-hike cycle next year underpinned the evergreen buck, thus suppressing gold.
On Wednesday, the Labor Department told that the previous month its producer price index for final demand edged up 0.4%. For the last 12 months through August, the PPI tacked on 3.1% having soared 2.8% in October.
The remarks by Nigel Farage during the Brexit party's election event have sent the British pound higher…
The Reserve bank of New Zealand will release the monetary policy statement and its interest rate at 3:00 MT on November 13.
A calm trading session with the US-China trade updates in focus