Forex Marketz Daily Forex News – Fully Markets Update
Gold price inched lower this morning during Asian trade hours. The U.S. continues to firm up and it has sent the yellow metal lower, which is now on track for its biggest weekly loss in over two and a half months.
As of 1:30 am GMT, spot gold (XAU/USD) was down 0.2 percent to fetch $1,329.16 an ounce. Price action had gained 0.6 percent in yesterday’s session. It was its largest single day percentage gain since February 14.
The precious metal is on track for its largest weekly decline since December 8, 2017.
U.S. gold futures fell 0.2 percent at $1,330.9 per ounce.
The U.S. dollar index, which measures the dollar against a basket of six trading partners, rose 0.1 percent to fetch 89.81.
The dollar index was at a ten day high of 90.235 on Thursday. It has recovered from a three year low of 88.25 that was hit late last week. The recovery is starting to wind down, a bit, but it is on track to gain 0.8 percent for the week.
Gold Traders watch Economic Headlines
In U.S. economic headlines, Dallas Federal Reserve Bank President Robert Kaplan said that three U.S. rate increases in 2018 is “appropriate.” However, he said that, better than expected economic data could change things.
U.S. Treasuries lost some price gains on Thursday. This happened after the U.S. Treasury sold new seven year paper which got soft demand. This was the final sale of $258 billion in debt for the week.
In other news, the number of Americans filing for unemployment benefits fell. They came in close ton 45 year low last week. This is another indicator of strong job growth for the month of February and solid growth, overall, in the economy.
