Gold approached the level of $1,910 ahead of releasing updated readings of certain important economic indicators. Market participants expect these indicators to give them clues, and special attention will be drawn to any signs of recession coming.
Oil prices remain stable in anticipation of economic data release this week. Markets intend to assess the potential of a recession before taking any actions.
After a notable growth of more than 8% last week, a decline in WTI oil to the level of $79 was registered on Monday.
A number of important economic data and central bank meetings from all over the world are expected this week. Because of this, gold continues its rise on Monday.
The oil rigs from Baker Hughes and speculative positions on oil and gas, gold and silver are on the agenda.
A sharp increase in the number of flights before the Lunar New Year is another evidence of the increasing need for fuel.
The gold market remains optimistic. Several analysts expect the precious metal to exceed the level of $1,900 per ounce later this week amid a decline in inflation.
Gold prices are fluctuating on Thursday due to the imminent release of official data. The updated statistics are expected to show inflation easing in the U.S.
Gold climbed to $1,880 early in the week, settling at an eight-month high. U.S. inflation data for December will be closely monitored on Thursday. Economists at Commerzbank say that the official data will further support the metal.
On the agenda, on January 10, will be EIA Short-Term Energy Outlook. On January 11, stocks of crude oil and petroleum products, as well as the production of gasoline and distillates will be in the spotlight. On January 12, data on natural gas reserves will be published.
