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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.
On Thursday, gold faced its most impressive daily dive for six months right after it had been reported that China and America were demonstrating huge progress in resolving their long lasting trade conflict…
On Wednesday, gold was nearly intact in Asia due to the fact that traders waited for the minutes of the US major bank’s January meeting…
On Tuesday, gold managed to rally because traders awaited the publication of the minutes from the recent Fed policy gathering with hopes for them to confirm the major financial institution’s dovish policy stance…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…
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