The organization of the petroleum exporting countries (OPEC) and non-OPEC oil producers (Russia) will meet on July 1-2.
Gold soars in Asia before Yellen speech
On Wednesday, gold grew in Asia, with markets in Taiwan, South Korea and China unavailable for holidays as well as caution ahead of remarks later in the day from Fed Chair.
December delivery gold futures grew 0.25% in New York being worth $1,277.82 a troy ounce. The number one precious commodity gained some support from India because the festival season in this country usually generates increased demand for this commodity.
Overnight, gold ceased its recent descend after treasury yields trimmed revenues pressuring the evergreen buck to rebound from six-week maximum raising market sentiment on the number one precious commodity.
Gold prices were limited to rather a narrow $7 trading band staying above seven-week dips amid greenback weakness because market participants waited for direction from crucial economic reports as well as a speech from Fed Chair Yellen a bit later this week.
Net bullish bets on gold went down to 212,600, as a report from the Commodity Futures Trading Commission unveiled on Friday.
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…