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?
Yellow metal breaks 3-day losing streak
On Friday, gold recovered following a three-day losing marathon, passing back above the psychologically crucial $1,300 mark.
Notwithstanding the rebound, the precious commodity was still on track for its worst monthly outcome since last August because a firmer evergreen buck as well as a preference for stocks put pressure.
On the Comex exchange, June delivery gold futures rallied by 0.5% hitting $1,301.85 a troy ounce.
Gold pared a weekly 1% dive, although stayed on course for a 2% tumble in March. On the contrary, the evergreen buck was braced for its best monthly performance for the last five months, thus making the dollar-denominated yellow metal more expensive for investors who hold foreign currencies.
Notwithstanding turbulence in equity markets for the last 10 days, the S&P 500 has leapt over 1% during March, and its quarterly jump of more than 12% is braced for its best first-quarter performance since 2009.
Some experts pointed out that if they have an upbeat result from the US-China) trade negotiations, the yellow commodity will be pressured as market participants will rotate out into riskier assets. On the contrary, in case of a negative result, shares will slump and investors will opt for safe-haven stuff, including gold. In general, financial markets are currently in the wait-and-see mode.
As for other metals, silver futures managed to head north by up to 0.9% concluding the trading session at $15.072 a troy ounce.
In addition to this, palladium futures tacked on by about 2.2% coming up with $1,338.50 an ounce. Additionally, platinum futures surged by approximately 1.8% being worth $858.60.
Besides this, copper futures inched up by about 2.3% hitting $2.938 a pound.
For a long time, traders considered American Non-farm Payrolls (NFP) the most important release in the market. However, the situation has changed. Now US CPI moves financial markets.
United States Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on November 5, 14:30 GMT+2.
The US Markit will publish Flash Manufacturing and Flash Services PMIs (purchasing managers' indices) on June 23 at 16:45 GMT+3.
The Fed Chair Jerome Powell will testify on the Semi-Annual Monetary Policy Report before the House Financial Services Committee on June 22-23 at 17:00 GMT+3.
Canada will publish Retail Sales and Core Retail Sales on June 21 at 15:30 GMT+3.