Heads up to the release of weekly crude oil inventories at 17:30 MT!
Gold keeps diving amid geopolitical instability
On Tuesday, gold descended in the face of political instability in Europe, which keeps generating fears of investors around the globe. The White House reported that it was about to impose tariffs on Chinese goods.
June delivery gold futures slumped by 0.54% being worth $1296.6 per troy ounce.
The ascend in prices for the number one precious commodity is hampered by the political meltdown in Italy and also by a vote of no confidence in the government of Prime Minister Mariano Rajoy in the Spanish legislative body.
At the weekend, Italian populist parties rejected plans to create a coalition government right after Italian President Sergio Mattarella decided not to approve the Eurosceptic candidate proposed by these parties for the post of Minister of Economy and Finance. Moreover, the ex-IMF statesman, Carlo Cottarelli, was ordered to create a new Italian government. Besides this, early parliamentary elections are anticipated to burst out in August.
In addition to this, a vote will burst out in Spain. It will have to do with no confidence in the government of this European country because of allegations of corruption of officials closely connected with the ruling party of Spain.
In the United States, President Donald Trump approached the introduction of trade as well as investment restrictions against China. To be exact, he considered the introduction of tariffs on Chinese goods worth $50 billion.
Prices for the most popular precious commodity edged down because of the appreciation of the evergreen buck.
The US dollar index, traditionally employed to gauge the purchasing power of the American currency versus its six rivals, kept to a maximum for five months - 94.65.
Silver futures went down 0.94% being worth $16,395 per troy ounce. Besides this, platinum managed to tack on 0.67% coming up with $907.3.
Crude oil inventories will be out at 17:30 MT time
The tweet by Iran's foreign minister increased the possibility of tensions in the region. It pushed the oil prices up.
The reports that the UK and the EU reached a deal pushed the GBP up immediately.
The European Brexit Summit will gather the main attention today...
Australia will publish the level of employment change and the unemployment rate at 3:30 MT on October 17.