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 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.
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.