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On Tuesday, gold futures managed to gain, demonstrating the fourth winning day for the last five trading sessions because the evergreen buck slumped and a degree of uncertainty crept into stock markets, still keeping to record peaks.
The yellow metal surged because stock-index futures indicated a mixed start for Wall Street because traders wait for the kickoff of a two-day Fed gathering because Chinese factory data revealed some softening as well as a flurry of corporate earnings, with less-than-impressive outcomes for Alphabet.
Besides this, gauging the greenback’s purchasing power versus its main rivals, the USD index slumped by about 0.1%.
As a matter of fact, June delivery gold futures managed to surge by up to 0.5% ending up with $1,287.70 an ounce. Additionally, May delivery silver futures went up by about 0.7% trading at $14.95 an ounce. As for July delivery silver futures, they hit $15.005, adding 0.5%.
Policy makers are anticipated to leave interest rates intact after Wednesday’s conclusion of a two-day gathering, although the statement by Fed Chair Jerome Powell are going to be monitored for prompts to the Fed’s future plans, right after the panel suddenly paused its plan for rate lifts in January and ceased the wind-down of its balance sheet.
In addition to this, the employment cost index for the first quarter will be uncovered at 8:30 a.m. Eastern Time, with analysts expecting a 0.7% leap.
February’s Case-Shiller house price index will be released at 9 a.m. As for April’s Chicago-area purchasing managers index will be uncovered at 9:45 a.m.
Aside from that, a private indicator of China factory activity decreased in April, although still indicating expansion, which is in line with official data, which also demonstrated slower surge, which is a probable boost for the yellow metal.
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?
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 Bureau of Economic Analysis will publish Core Personal Consumption Expenditures (PCE) on May 27 at 15:30 GMT+3.
The United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
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.
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