According to yesterday’s news OPEC is considering further production cuts. The next meeting of oil-producing countries is scheduled for December 5-6. The announcement pushed the oil prices up yesterday.
Yellow metal extends mild recovery after mixed American data
On Thursday, gold extended a mild revival in the face of mixed American data as well as a stock market stabilizing near record maximums.
On the Comex exchange, June delivery gold futures were nearly intact, sticking with $1,278.95 a troy ounce.
The yellow metal has gained 1% from the fresh minimum for this year that it reached earlier this week. Nevertheless, momentum is still limited because a pack of healthy earnings reports from America keeps risk appetite fed enough.
Gold’s lack of movement on Thursday dropped a hint at opposing moves in American stocks. As a matter of fact, Dow stocks generally dived, while upbeat earnings from Microsoft and Facebook improved risk sentiment in tech.
Following an initial knee-jerk reaction, the yellow metal along with other financial markets neglected Thursday’s economic data.
In March, American durable goods orders reported their best gain for eight months, thus underlining America’s recent role as an economic pillar of strength ahead of first quarter surge data out on Friday.
As follows from weekly jobless claims, the labor market slumped a bit. The previous week US citizens who filed for employment benefits tacked on by the most for 19 months. By the way, it happens to be a rebound from their lowest value level since 1969, reported the previous week
As for other metals, silver futures headed south by about 0.2% concluding the trading session at $14.893 a troy ounce.
As for palladium futures, they went down by about 0.2% trading at $1,402.65 an ounce. Aside from that, platinum futures decreased by 0.8% hitting $881.80.
Copper slipped by almost 1.1% ending up with $2.877 a pound.
The remarks by Nigel Farage during the Brexit party's election event have sent the British pound higher…
The Reserve bank of New Zealand will release the monetary policy statement and its interest rate at 3:00 MT on November 13.
A calm trading session with the US-China trade updates in focus