Forex Marketz Daily Forex News – Fully Markets Update
On Monday, during the Asian trade session, the price of gold moved higher from an almost four month low set on Friday. Traders are returning from the Easter weekend Holiday and headlines that a terror attack in Sri Lanka that killed 290 and wounded over 500. Higher crude oil prices also lent support to the move higher this morning.
As of 3:30 am GMT, widely traded spot gold contract, was trading higher. This contract added 0.4 percent to trade at $1,279.48 per ounce. On Friday, this contract traded at $1,270.63 per ounce. Its lowest price point since December 27, 2018.
Last week, this contract lost 1.2 percent and saw its fourth week in a low of weekly losses.
U.S. gold futures, for front end delivery, were also up. This contract added 0.5 percent to trade at $1,281.70 an ounce.
Gains were capped by a fir dollar which saw gains in the GBP/USD benchmark Forex market. Economic data out of the United States showed that growth might have picked up in the first quarter of this year.
Crude Oil Prices gain and Support the Gold Contracts
A rally in the crude oil markets also supported the yellow metal. Increasing tensions between the United States and Iran might lead to a global ban on Iranian oil exports.
Looking at economic data, release last week, showed that retail sales in March grew by the most in 18 months. This indicates that economic growth in the U.S. expanded in the first quarter of this year.
