The oil price looks optimistic. What are the reasons?
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.
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The Canadian central bank will make a monetary policy report and announce interest rates on Wednesday, January 20, at 17:00 MT time. Also, the BOC press conference will be held later.
USD’s rally takes a pause, while riskier assets are modestly rising.