The organization of the petroleum exporting countries (OPEC) and non-OPEC oil producers (Russia) will meet on July 1-2.
Gold tacks on in Asia on geopolitics
On Monday, gold managed to tack on in Asia because North Korea shocked financial markets with a statement that its recent missile test was quite capable of carrying a huge nuclear warhead and market participants were also concerned with the potential spread of cyberattacks, which have already hit up to 200,000 victims in 150 countries.
In New York, June delivery gold futures inched up 0.20%, being worth $1,230.20 a troy ounce. Meanwhile, copper futures surged too, showing a 0.16% ascend and trading at $2.532 a pound notwithstanding poor industrial output data from China.
China posted industrial production inched up a less than expected 6.5%, thus missing a 7.5% profit observed. Additionally, China informed that in April retail sales added 10% on year, which is more than the 10% observed, while fixed-asset investment soared 8.9%, which is below the 9.1% expected.
The previous week, gold prices grew on Friday. It’s because the weaker greenback underpinned demand for the number one precious metal.
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…
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…
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…