Forex Marketz Daily Forex News – Fully Markets Update
This morning, during the Asian trade hours, the price of the gold futures contracts slipped lower as the dollar firmed over worries surrounding the ongoing trade war between the United States and China. Traders are waiting on today’s monetary policy decision and statement from the US Federal Reserve Board. This is scheduled during the North American trade hours.
As of 4:30 am GMT, the widely traded spot gold futures contract was trading down. This contract lost 0.1 percent to trade at $1,304.85 per ounce. This contract is currently trading in a narrow range with a spread of three dollars.
U.S. gold futures, for front end delivery, also fell. They lost 0.2 percent to trade at$1,304.60 an ounce.
The dollar gained against most of its major trade partners. There are some new trade tensions between the United States and China. The dollar is a Forex trader’s safe haven in this trade war as they perceive that the US will come out better in the end.
The palladium futures contract was trading up as well. This contract gained 0.3 percent to trade at $1,601.47 an ounce. It traded above the $1,600 level for the first time ever in the previous session as it hit a high at $1,606 per ounce earlier in the day.
Gold Traders Wait on Today’s Federal Reserve Monetary Policy Announcement
At 6 pm GMT, during the North American trade hours, the monetary policy arm of the Fed, the Federal Open Markets Committee (FOMC) will announce their rate decision and hold a news conference. They are expected to keep rates as is but take a patient and dovish stance when it comes to future rate hikes.
Traders are now thinking that there might be a rate cut in 2020. This would boost the price of the anti-fiat yellow metal.
