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 tacks on in Asia as diving greenback drives buying sentiment
On Tuesday, gold rallied in Asia because financial markets neglected signs of tighter monetary policies ahead for the BOJ and ECB and took advantage of a diving greenback to purchase the US dollar- -denominated commodity.
Gold futures ascended 0.47% demonstrating an outcome of $1,341.20 a troy ounce following Monday’s no floor trading on the exchange due to the Martin Luther King Day holiday. Apparently, all electronic transactions are going to be booked with trades for settlement on Tuesday.
Overnight, the number one precious metal was still backed at four-month maximums because demand for the American currency kept going down.
The evergreen buck neglected data on Friday demonstrating that underlying American consumer prices reported their largest soar for 11 months in December, thus contributing to hopes that inflation is going to accelerate in 2018.
By the way, gold happens to be very sensitive to moves in the US currency.
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.