Gold sinks in Asia as NKorea and weekend of polls mulled

Gold sinks in Asia as NKorea and weekend of polls mulled

On Monday, gold tumbled moderately in Asia after a weekend in which Germany and New Zealand went to surveys to both produce results, which pointed to lengthy negotiations to form coalition government. Additionally, traders watched the USA and North Korea boosted a war of words.

December delivery gold futures went down 0.07% being worth $1,2962.60 a troy ounce in New York.

In Germany, the far-right AfD party managed to grasp a shockingly huge percentage of the overall vote. With the outcome of 13.5% they finished third and entered the German parliament for the first time.  Chancellor Angela Merkel's CDU along with Bavarian allies, the Christian Social Union (CSU), took 32.5%, thus becoming the largest parliamentary group.

Meanwhile, in New Zealand, Bill English's National Party as well as the Labour party will fight for the support of kingmaker Winston Peters, not to mention his New Zealand First Party.

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Gold fell below $1,700

Gold (XAU/USD) is declining for the second day in a row. The reason of such a dynamic is that investors have turned to stocks.

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