Gold sinks in Asia as stronger greenback weighs

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.




Asian shares tumble with Japan markets shut

On Monday, stocks in Asia declined with markets in Japan unavailable for a holiday and traders watching oilfield-related stocks after a bankruptcy filing by Singapore's Ezra Holdings…

Greenback surges as yields soar

On Friday, the evergreen buck added against the Japanese yen and euro, drifting away from recent minimums, though revenues were capped as traders focused on a showdown between Donald Trump and members of his own party as for a fresh healthcare bill…

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