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 to 1-month maximum as greenback declines
On Thursday, gold reached a one-month maximum, in holiday-thinned trade because weakness in the US currency backed the number one precious metal.
Comex gold futures rallied 0.28% being worth $1,295.00 a troy ounce, which is off its intraday maximum of $1,296.10 that appeared to be its highest outcome since November 29.
Gold futures were on the rise for a third straight trading session. Additionally, they were on track for weakly revenues of more than 1%.
Gold has derived benefits from recent weakness in the US currency in what many market experts are suggesting happens to be a case of selling off on the official news Donald Trump finally signed off on the long-awaited tax overhaul.
A weaker US currency makes gold cheaper for holders of foreign currency.
Additionally, silver surged 0.47% showing an outcome of $16.835 a troy ounce. As for platinum, this metal earned 0.25% trading at $930.30 a troy ounce.
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.