Gold drops to one-week minimum
On Wednesday, gold extended overnight losses during European session to touch a one-week minimum, as traders waited for comments from a barrage of Fed officials, including Janet Yellen, Fed Chair, later in the session for further indications on the path of future rate lifts.
In New York, December delivery gold futures dipped to a daily minimum of $1,326.00 per troy ounce, an outcome not seen since September 21. Last, the precious commodity was worth $1,326.35.
On Tuesday, prices went down 1.02%, thus demonstrating the greatest one-day loss for a month, as traders took heart from an obvious win for Democrat nominee Hillary Clinton over her Republican counterpart Donald Trump in the first American presidential debate.
A handful of Fed policymakers are about to make public appearances on Wednesday. It might provide a sort of insight into how divided they’re regarding lifting rates.
Besides this, the USA will publish durable goods data soon, amid expectations for a descend of 1.4% in August. The given number could impact GDP forecasts for the third quarter.