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.
Gold sinks in Asia as stronger greenback weighs
On Monday, gold sank in Asia because the evergreen buck gained and the common currency dipped market participants digested the implications of the shocking referendum on Catalonia independence in Spain on the euro zone as well as a sentiment poll out of Japan in a thin trading day with China's financial markets unavailable for the week.
The number one precious commodity is traditionally priced in US dollars, thus making it less affordable in other currencies when the US currency gains.
Meanwhile, the Bank of Japan issued its Tankan survey for the third quarter with market participants closely watching the large manufacturers index as it added to 22 versus an expected outcome of 18.
This week, Fed Chair Janet Yellen’ comments are going to bring further clues on the timing of the next rate lift along with Friday’s American jobs report.
On Wednesday, traders are going to look ahead to remarks by ECB Governor Mario Draghi.
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