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?
In Asia gold inches up as US tax cut views drive inflation worries
On Friday, gold ascended in Asia because American tax cuts move closer to passage, thus driving inflation worries for some market participants.
In New York, December delivery gold futures edged up 0.43% being worth $1283.66 a troy ounce.
Overnight, the US House of Representatives finally passed its variant of the tax cut legislation. Meanwhile, a major committee unveiled its version to the US Senate.
Overnight, the number one precious metal was nearly intact because the recent trend of flattening yields receded, although downside momentum was capped by a weakening greenback on the back of soft economic data.
Everlasting uncertainty as for the outcome of tax reform has rekindled investor appetite for gold, as data revealed market participants had increased their bets on gold the previous week.
Additionally, on Thursday night a fire has burst out at the key port utilized by copper miner Freeport-McMoRan Inc in Papua, Indonesia, as company sources revealed.
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 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.
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.