Gold prices fell in Asia today with risk assets taking a breather as Hurricane Irma is downgraded in intensity and an possible ICBM test by North Korea at the weekend failed to materialize. Hurricane Irma knocked out power to more than 2.4 million homes and businesses in Florida on Sunday, threatening millions more as it crept up the state's west coast, and full restoration of service will take weeks. But after Hurricane Irma hit Florida on Sunday morning as a dangerous Category 4 storm, the second highest level on the five-step Saffir-Simpson scale, it weakened to a Category 2 with maximum sustained winds of 110 miles per hour (177 kph). Diminished expectations for a third rate hike this year compounded by heightened tensions with North Korea and worries over the economic impact of hurricanes in the south eastern U.S. pressured the dollar lower.
Source: Investing
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