The organization of the petroleum exporting countries (OPEC) and non-OPEC oil producers (Russia) will meet on July 1-2.
Yellow metal inches down on potential trade agreement
On Thursday, gold headed south, just a day after the major US bank stood pat on monetary policy and also hinted that interest rates would probably stand still for a longer period.
On the Comex exchange, June delivery gold futures headed south by about 0.7% concluding the trading session at $1,275.15 an ounce.
In a news conference, which followed Fed gathering, Fed Chair Jerome Powell told that Fed stance is quite adequate at the moment and they don’t see any reasons to move in either direction.
As for trade volumes, they were still thin due to the fact, financial markets in China and Japan were unavailable because of holidays.
Moving in directions opposite to the yellow commodity and estimating the purchasing power of the greenback versus a number of its main rivals the USD index headed south by 0.1% ending up with 97.338.
In addition to this, a report posted by CNBC, which came up with a suggestion that China and the United States might announce a trade agreement next Friday also underpinned risk sentiment and put pressure on the yellow metal.
Besides this, another round of trade negotiations between China and the United States wrapped up in China’s capital on Wednesday with the American Treasury Secretary Steven Mnuchin calling those meetings quite fruitful.
Next week the everlasting trade talks will proceed in Washington. As follows from a number of anonymous sources, the two leading economies might manage to come to a compromise already by next Friday.
In addition to this, the evergreen buck tacked on a bit versus the Japanese yen, and also dived a bit against the New Zealand and Australian dollars.
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…