Heads up to the release of weekly crude oil inventories at 17:30 MT!
Gold slumps in Asia as greenback grows
On Monday, gold sank in Asia because the US currency showed strong revenues after Japan's Premier Shinzo Abe managed to win re-election, thus indicating continued easy policy.
December delivery gold futures went down 0.24% in New York reaching $1,277.39 a troy ounce.
Overnight, the number one precious commodity dipped, suppressed by the stronger greenback that spurred after Donald Trump's intention to overhaul the tax code removed a critical hurdle.
On Friday, the evergreen buck rallied, making this precious metal less affordable for holders of other currencies, right after Senate Republicans officially approved a budget measure, which will enable them to proceed with tax cuts without support from the Democrats.
The US dollar index concluded the week up 0.69%, which is its fifth weekly soar for six weeks. Market participants actually expect a fiscal boost to spur inflation, increasing pressure on the Fed to lift interest rates, dubbed the "Trumpflation" trade.
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.
Today, the election in Canada will determine whether the Liberal Party Prime Minister Justin Trudeau or the Conservative Party leader Andrew Scheer will lead the government…
The week will bring us fresh updates on Brexit and the last ECB meeting with outgoing president Mario Draghi.
De-escalation between the US and Turkey and News for the GBP are on the agenda