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 surges a bit in Asia after fresh NKorea missile launch
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.
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 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.
The US PPI will come out on Thursday, May 12, at 15:30 MT time.