Forex Marketz Daily Forex News – Fully Markets Update
Gold futures inched their way higher Thursday morning during the Asian trade hours. The dollar continued to trade soft and palladium is now worth more than spot gold. Traders are worried about global economic growth and particular with a slowdown in the United States.
As of 1:40 am GMT, the widely traded spot gold futures contract was higher. This contract gained 0.2 percent to trade at $1,240.04 per ounce. U.S. gold futures, for front end delivery, were also higher. This contract tacked on 0.3 percent to trade at $1,245.7 per ounce.
Spot palladium also gained ground. This contract added 0.2 percent to trade at $1,245.50 per ounce.
Palladium, for the first time since 2002, is worth more than spot gold. Prices have sky rocketed nearly fifty percent in less than four months. They are now at a record level.
Traders Send Gold Higher at the Expense of the US Dollar
The dollar index, which measures the dollar in a basket with six other Forex majors, was down. The dollar shed about 0.1 percent.
The dollar, which had been boosted against its peers this year, could be under pressure in 2019 as traders are starting to be more worried about a slowing U.S. economy.
U.S. stock futures fell this morning. Asian equity markets followed that path lower after news came to light that Canadian authorities arrested a top executive from the Chinese tech company Huawei Technologies,. This could lead to more tensions between China and the United States.
