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 with key markets unavailable
On Thursday, gold soared in Asia, with markets in South Korea, China and Hong Kong unavailable for holidays.
December delivery gold futures grew 0.05% being worth $1,277.44 a troy ounce.
Overnight, gold was intact because the evergreen buck was pressured following reports that a dovish Federal Chair is going to be appointed in 2018.
Downside momentum in the precious commodity prices were capped because the greenback tumbled reacting to a Politico report telling that American Treasury Secretary Steven Mnuchin generally backs Fed Governor Jerome Powell as Janet Yellen potential replacement in February.
Greenback-denominated assets, including gold happen to be extremely sensitive to moves in the US currency – a sag in the greenback makes the precious commodity more affordable for holders of foreign currency, thus spurring demand.
Traders are currently waiting for Janet Yellen’s speech for further clues on Fed monetary policy.
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…