Forex Marketz Daily Forex News – Fully Markets Update
Gold futures prices were trading lower during the Asian and Pacific Rim trade session on Monday. Trader sentiment was improved by better than expected private Caixin manufacturing survey, out of China, for November.
Traders also shook off negative trade related headlines between China and the United States as tensions mount over Hong Kong.
As of 3:30 am GMT, the widely traded spot gold futures contract (XAU/USD) was trading lower. This contract shed 0.3 percent to trade at $1,459.23 per ounce. Earlier in the session, this spot contract flirted with its highest price point since November 22.
The U.S. gold futures contract, for front end delivery, was also down. This futures contract lost half a percent to trade at $1,465.30 per ounce.
Looking at the other metal spot futures contract, during the Monday Asian trade session, the spot silver contract lost 0.6 percent to fetch $16.92 per ounce.
The palladium spot futures contract lost 0.1 percent to fetch $1,840.09 and the platinum spot contract lost 0.6 percent to trade at $896. 72 per ounce.
Gold Futures Traders React to Solid Chinese Caixin Data as Traders Take on Risk
This morning, at the start of trading in Asia, China released the private Caixin manufacturing survey. This key survey showed that factory activity, for November, expanded at its fastest pace in nearly three years.
The Caixin survey showed that total new orders and factory production were performing nicely and expanding.
This followed official stronger than expected manufacturing survey released on Saturday.
Diplomatic tensions between China and the United States are mounting. The U.S. negotiating team said that tensions over Hong Kong have stalled the ongoing trade talks.
This negative development could delay the signing of a preliminary trade accord that would end a bitter trade dispute.
However, this negative news did not dent overall market sentiment in Asia as traders focused on better than expected economic headlines.
Last week, China warned the United States that Beijing would take “firm countermeasures” in response to the U.S. passing controversial legislation and President Trump signing the bill into law.
This bill is in support of pro-democracy protesters in Hong Kong. Beijing has yet to specify any details.
