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 trades weaker in Asia
On Tuesday, gold came off recent revenues in Asia, with market participants alert to probable comments by American Vice President Mike Pence, scheduled in Tokyo for negotiations with Japan's leadership, including on ongoing tension on the Korean peninsula.
In New York, June delivery gold futures dipped 0.61%, trading at $1,284.00 a troy ounce. As for copper futures, they were last quoted down 0.39%, showing $2.587 a pound.
Overnight, gold prices soared, as market participants kept backing the number one precious metal amid geopolitical worries, while downbeat economic data powered market sentiment.
Gold futures made a decent start to the week, notching a five month peak earlier during the trading session, as market participants kept pouring into safe assets, including gold amid soaring geopolitical worries.
Geopolitical tensions over North Korea rose, after on Sunday North Korea tried to fire a ballistic missile, though it exploded almost immediately. By the way, North Korea kept conducting missile tests notwithstanding renewed efforts by China to convince North Korea to change course.
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 United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.
The Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.