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On Wednesday, gold didn’t manage to grow a lot in Asia following a fresh ballistic missile test by North Korea.
In New York, December delivery gold futures added no more than 0.02% showing an outcome of $1,293.60 per troy ounce.
Overnight, the number one precious commodity pared its revenues because reports informing that North Korea launched another ballistic missile failed to underpin safe haven demand.
Early on Wednesday North Korea dared to launch another ballistic missile from an area near Pyongyang, as South Korea’s military told, while the Japanese authorities stressed the missile fell in Japan’s exclusive economic zone.
As the Pentagon told, it was an ICBM. Japan PM Shinzo Abe called an emergency meeting of cabinet ministers over the missile test.
Besides this, gold was also underpinned by remarks from Fed Chair designate Jerome Powell. His comments were in line with the widely held view that the upcoming Fed Governor is going to adopt a similar stance to Janet Yellen on the US monetary policy.
According to yesterday’s news OPEC is considering further production cuts. The next meeting of oil-producing countries is scheduled for December 5-6. The announcement pushed the oil prices up yesterday.
Heads up to the release of weekly crude oil inventories at 17:30 MT!
Crude oil inventories will be out at 17:30 MT time
The remarks by Nigel Farage during the Brexit party's election event have sent the British pound higher…
The Reserve bank of New Zealand will release the monetary policy statement and its interest rate at 3:00 MT on November 13.
A calm trading session with the US-China trade updates in focus
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