The organization of the petroleum exporting countries (OPEC) and non-OPEC oil producers (Russia) will meet on July 1-2.
Yellow metal recovers win streak
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.
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…