Will the oil prices rise?
The organization of the petroleum exporting countries (OPEC) and non-OPEC oil producers (Russia) will meet on July 1-2.
Gold stands still
On Thursday, gold was intact due to the fact that market participants waited for comments from Fed Chair Jerome Powell in the face of hopes that the head of the US key financial institution is going to reaffirm a pause in the US monetary policy tightening.
On the Comex exchange February delivery gold futures surged no more than 0.05% ending up with an outcome of $1,292.70 a troy ounce.
As a rule, higher interest rates put pressure on demand for the yellow metal that doesn’t bear interest.
By the way, Powell’s last appearance backed equities because the statesman emphasized that the major US bank could be patient enough on further policy tightening. A great number of traders are assured that the Federal Reserve is going to pause its rate lifts for this year. They also give a 14% likelihood that it will actually have interest rates cut by the end of 2019.
On Wednesday, presidents of four of the 12 Fed regional financial institutions told that they would like to see greater clarity on the state of the American economy before extending the Fed’s rate lift campaign any further, dropping a hint that the major US bank could take months before another lift is carried out.
St. Louis Fed President James Bullard, who has a reputation of the most dovish policymaker, came up with a suggestion that further tightening could potentially tip the American economy into recession.
Market experts told that the yellow metal is actually getting a bit support out of a dovish Fed stance as well as institutional instability in America.
As for other metals, silver futures tumbled by 0.19% ending up with $15.705 a troy ounce. Moreover, palladium futures ascended by 0.39% trading at $1,274.30 an ounce. Platinum futures tacked on by 0.24% being worth $827.30.
Copper tumbled by 0.72% trading at $2.638 a pound.
Similar
The rally for the yellow metal
The dovish Fed pushed the price for the yellow metal up.
Gold reaches new high
The price for the yellow metal has crossed the level at $1,341.
Latest news
British inflation tacks on for the first time this year
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…
Evergreen buck heads north
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…
Gold ascends on Brexit jitters
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…
Deposit with your local payment systems
