Forex Marketz Daily Forex News – Fully Markets Update
Gold futures fell this morning as the dollar was up a bit. The yellow metal was above the key $1300 level during the previous session, and remains above that level. President Donald Trump, yesterday, cancelled the upcoming summit with North Korean leader Kim Jong Un, to be held in Singapore. This triggered safe haven buying by investors this morning during Asian trade hours.
As of 1 am GMT, spot gold futures (XAU/USD) was lower this morning. It fell 0.2 percent at $1,302 per ounce. The bullion was up almost one percent in the previous session. This was its largest single day gain since April 11.
U.S. gold futures, for June delivery, also fell this morning. They fell 0.2 percent to trade at $1,301.90 per ounce.
The U.S. dollar index, which gauges the dollar in a basket of six Forex majors, was up today. The index rose 0.1 percent to trade at 93.846. The U.S. currency, in the USD/JPY Forex market, gained 0.2. This is after hitting a near two week low overnight.
Gold Traders react to Global Headlines and Regional Tension with North Korea
Looking at global headlines, the summit between North Korea and the United States, which was too happen next month in Singapore, is off. Trump, yesterday, cancelled the summit with Kim Jong Un. Trump said that Pyongyang’s “open hostility,” was the main reason for the cancellation. He warned that the U.S. military was ready for any even and any reckless behavior from the rogue nation.
Also in the headlines, are new tariff threats out of the U.S. Trump is thinking about imposing tariffs on auto imports. This has brought strong criticism Europe and other nations. U.S. businesses and members of his own political party warned of potential harm to the industry. This move could raise the potential of a global trade war that could harm the United States.
European countries that want to remain in the Iran nuclear deal will meet today. This is the first time they will meet since the U.S. left the accord. They see very small a very small chance of success to salvage the accord after Washington vowed tough sanctions on the ruling regime in Tehran.
