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 on geopolitical tensions
On Wednesday, gold rallied in Asia because a fresh Twitter taunt by Donald Trump to North Korean leader Kim Jong-un definitely rekindles the stakes on a nuclear weapons stance.
February delivery gold futures rallied 0.26% being worth $1,319.50 a troy ounce.
In his tweet Donald Trump informed that his nuclear button appears to be much bigger and also much more powerful than Kim Jong-un’s one.
Overnight, the number one precious metal edged up amid everlasting dollar weakness. Meanwhile, soaring geopolitical uncertainties underpinned market sentiment, including ongoing protests in Iran.
Gold tacked on to three-month maximums and also remained on track to demonstrate their longest winning marathon since 1971, the end of the gold standard, underpinned mostly by a greenback dive to three-month minimums.
The soar in gold emerged as data demonstrated that market participants kept increasing their bullish bets on gold.
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 US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.
The US PPI will come out on Thursday, May 12, at 15:30 MT time.
The US CPI will come out on Wednesday, May 11, at 15:30 MT time (GMT+3).