Gold extends losses as dollar rise
Gold eased early on Wednesday, extending losses from the previous session when it dropped nearly 1percent, as Asian stocks rose and the dollar index firmed.
U.S. single-family home prices rose slightly less than expected on an annual basis in July, and the year-over-year gain was smaller than in the prior month, a survey showed. As well as the consumer confidence improved, while the service sector survey also came in better than expected.
The World Trade Organization cut its forecast for global trade growth this year by more than a third on Tuesday, reflecting a slowdown in China and falling levels of imports into the United States.
Top consumer China's net gold imports via main conduit Hong Kong slid about 45 percent in August to the lowest in six months, dragged down by a decline in retail demand for physical gold, data showed on Tuesday.
Important economic data ahead:-
- US Core Durable Goods Order – 6:00pm
- US Chair Yellen Testifies – 7:30pm
- OPEC Meeting – 7:30pm
- US Crude Oil stocks – 8:00pm
- ECB President Draghi Speaks – 8:00pm
OPEC set for no deal as Iran rejects Saudi oil output offer
Iran rejected on Tuesday an offer from Saudi Arabia to limit its oil output in exchange for Riyadh cutting supply, dashing market hopes the two major OPEC producers would find a compromise this week to help ease a global glut of crude.
Iranian Oil Minister Bijan Zanganeh said earlier: "It is not the time for decision-making." Referring to the next formal OPEC meeting in Vienna on Nov. 30, he added: "We will try to reach agreement for November."
The Organization of the Petroleum Exporting Countries will hold informal talks at 1400 GMT on Wednesday. Its members are also meeting non-OPEC producers on the sidelines of the International Energy Forum, which groups producers and consumers.