The organization of the petroleum exporting countries (OPEC) and non-OPEC oil producers (Russia) will meet on July 1-2.
In Asia gold weakens after Moody's downgrade of China
On Wednesday, gold slumped in Asia. It’s because Moody's Investors Service had China's credit rating downgraded to A1 from Aa3, thus modifying its outlook to stable from negative.
June delivery gold futures lost 0.30% in New York, hitting $1,251.69 a troy ounce. By the way, China and India are considered to be the leading gold importers in the world. Accordingly, a tumble in demand would apply pressure on market sentiment.
Market participants look ahead to the issue of the Fed’s minutes for its April gathering on Wednesday, just to find out whether the Fed’s outlook regarding monetary policy has been affected by recent economic data as well as geopolitical developments or not.
Overnight, gold futures pared revenues amid soaring expectations that the Fed would lift its benchmark rate in June that pushed the greenback off the minimums, denting demand for gold.
Currently, approximately 80% of market participants expect the Fed to lift interest rates in June, compared to just 67% of investors last week.
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…