Forex Marketz Daily Forex News – Fully Markets Update
Gold futures rose this morning during Asian trade hours, this morning towards a fresh for month high. A four month high was hit earlier in the week as the US dollar continues to weaken, broadly, against its major trading partners in the currency markets.
As of 1:30 am GMT, Spot gold (XAU/USD) rose 0.3 percent to $1,341.96 an ounce. The bullion reached its highest price point since September 8 at $1,344.44 on Monday.
Spot gold shed some ground for the first time in five sessions on Tuesday. It lost 0.1 percent.
U.S. gold futures rose up 0.4 percent to $1,342 an ounce, this morning.
The US Dollar index fell 0.1 percent to 90.300. This comes after falling to its lowest price point since December, 2014 at 90.11.
Gold Traders watch Economic News This Morning
Sources within the European Central Bank policy-making are reporting that the central bank is unlikely to stop, at least anytime soon, its commitment to keep buying bonds at next week’s monetary policy meeting. Policy makers need more time to assess the outlook of the Eurozone economy and the euro.
The ECB, just last week, signaled an inclination, towards revising its policy message in “early” 2018. This will be to promise to continue its €2.55 trillion quantitative easing program until inflation heads back to its two percent target.
In other news, the International Monetary Fund reported that Kazakhstan raised its yellow holdings by 5.31 tons to 300.98 tons in December 2017.
Polyus, Russia’s largest gold producer, reported fourth quarter sales of $734 million. This was up 11 percent from last year. The gains come from higher production and yellow metal prices.
Standard Chartered raised its second half 2018 bullion price forecast. They raised its annual average forecast to $1,324 per ounce from $1,285 per ounce.
