Gold fell below $1,700
Gold (XAU/USD) is declining for the second day in a row. The reason of such a dynamic is that investors have turned to stocks.
Middle East tensions underpin gold
On Monday, gold rallied in Asia, with tensions in the Middle East backing risk demand because Baghdad moved troops into the crude-rich Kirkuk region.
The previous week Trump was eager to question whether the US should continue with a landmark deal with Iran or not. It drove economic conflict worries too.
December delivery gold futures edged up 0.03% being worth $1,304.93 a troy ounce in New York.
This week, market participants are going to closely watch American housing data for the purpose of assessing the economic impact of the hurricanes that affected the southern US coast the previous month.
Chinese surge will be monitored for insight into the health of the world’s number two economy.
On Tuesday, British inflation data is going to be in focus amid rumors over a probable rate lift by the BoE already next month.
The previous week, gold rallied on Friday because weaker-than-expected American inflation spurred doubts over the Fed’s plans to lift interest rates once more in 2017.
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