Gold slumps in Asia as traders look ahead to busy policy week
On Monday, gold dropped in Asia, giving up early revenues, with a busy week of major bank remarks ahead and what’s expected to be a record audience for the first debate between the key two contenders for the American presidency.
In New York, December delivery gold futures dropped 0.32%, hitting $1,337.35 per troy ounce. Besides this, on the Comex, December delivery silver futures sank 1.01%, reaching $19.610 per troy ounce, while December delivery copper futures sagged 0.27%, trading at $2.194 a pound.
In the coming week, Fed Chair Janet Yellen is due to deliver a speech amid everlasting uncertainty as for the timing of another US rate lift. Additionally, a pair of speeches from ECB President Mario Draghi are going to be in focus for fresh hints on whether the EU’s major bank will step up its monetary stimulus in the coming months in order to boost inflation and back the economy.
In addition, remarks by BOJ Governor Haruhiko Kuroda will be eyed in wake of the previous week's decision by the major bank to modify its policy framework.