Gold dives in Asia as market waits for Fed minutes

Gold dives in Asia as market waits for Fed minutes

On Wednesday, gold eased in Asia ahead of minutes from the major US bank due later in the day. The highly anticipated report is believed to demonstrate a mostly hawkish stance on the necessity for a December rate lift and into next year.

December delivery gold futures tumbled 0.27% trading at $1,290.1 a troy ounce.

Overnight, gold rallied for the second day in a row underpinned by ongoing dollar weakness. Additionally, everlasting political tensions between America and North Korea raised market sentiment.

Gold’s quite bullish start to the trading week kept unrolling because safe-haven demand was still elevated amid everlasting geopolitical uncertainty on the Korean Peninsula. Meanwhile, dollar weakness backed an uptick in demand for the number one precious commodity.

Gains in the yellow precious metal were capped after the Catalan government Carles Puigdemont told he was eager to postpone any formal declaration of independence, thus relieving geopolitical uncertainty in the region.

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