Events in Libya pushed the oil price up. So what's the strategy to benefit from it?
Gold tacks on as US-North Korean negotiations fail
On Wednesday, gold gained support and rallied due to the fact that negotiations between North Korea and the United States ended up with no deal and expectations for an imminent trade pact between America and China faded away.
Against the backdrop of the geopolitical worries, traders also closely watched data on fourth-quarter economic surge in America. Financial markets actually expect a deceleration to 2.6% at the end of the previous year from the previous 3.4% expansion observed in the third quarter.
On the Comex exchange, April delivery gold futures headed north by up to 0.45% concluding the trading session at $1,327.15 a troy ounce.
American leader told that he had walked away from negotiations with North Korean leader Kim Jong-Un due to unacceptable demands to have American sanctions lifted.
In another upbeat development for the safe haven metal, traders have become more skeptical as for the chances of a trade pact between China and America, after remarks from US Trade Representative Robert Lighthizer.
On Wednesday, Lighthizer told a Congressional hearing that it was too early to forecast a result to the current talks, dampening expectations for a fast end to the standoff.
Thursday’s calendar also brought a number of appearances from Fed representatives. Traders will probably concentrate on remarks from the Fed Chair Jerome Powell as well as vice chairman Richard Clarida.
Besides this, investors are waiting for data on weekly jobless claims and the Chicago PMI poll.
As for other metals, silver futures tacked on by 0.47% being worth $15.745 a troy ounce.
Palladium futures gained 1.84% trading at $1,504.40 an ounce. Besides this, platinum futures ascended by 0.89% hitting $877.60.
Copper futures dived by 0.19% reaching $2.957 a pound.
The oil prices experienced significant losses amid the US-Iran tensions at the beginning of the year. What's next?
Iran retaliates, Donald Trump will announce the next step by the US today. Gold flies up to $1,600 per ounce.
Canada will publish the headline and core retail sales on January 24 at 15:30 MT time.
The European Central Bank will publish its monetary policy statement and announce the main refinancing rate on January 23 at 14:45 MT time.
Donald Trump spoke at the World Economic Forum in Davos. You have to hear this.