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Gold tumbles in Asia as hurricane, NKorea risk worries relieve
On Monday, the number one precious commodity sank in Asia, with risk assets taking a breather because Hurricane Irma’s losing intensity and a probable ICBM test by North Korea at the weekend didn’t occur.
December delivery gold futures lost 0.73% in New York offering an outcome of $1,341.33 a troy ounce.
In Florida, Hurricane Irma managed to knock out power to about 2.4 million homes as well as businesses on Sunday, thus threatening millions more as the natural disaster crept up the state's west coast. As a matter of fact full restoration of service will take much time, as local electric utilities informed.
However, after on Sunday Hurricane Irma affected Florida as a dangerous Category 4 storm, which is the second highest level on the five-step Saffir-Simpson scale, experts downgraded it to a Category 2 with sustained winds of about 110 miles per hour.
The previous week, gold grew to the highest value in a year because the greenback was still under pressure amid doubts over a probability of a third Fed rate lift in 2017.
The market is resilient ahead of the speeches of Fed’s Powell and ECB President Lagarde, but there are still interesting movements.
The uncertainty over US fiscal stimulus and Brexit, and also rising new virus cases deteriorated the market mood. That’s why we can expect the further rally of the US dollar and the fall of riskier assets today.
The market sentiment is mixed, but there are still interesting movements on the market.