Forex Marketz Daily Forex News – Fully Markets Update
Gold futures edged higher this morning during the Asian trade hours. Traders were still looking at safe haven asset classes, including, the bullion, as they look for more behind the recent remarks by President Donald Trump on trade with China.
His remarks were not full of details on how both economic powerhouses would end their ongoing trade war. Both nations are meeting this week in Beijing hoping to hammer out a trade deal before the March 1 deadline.
As of 4:20 am GMT, the widely traded spot gold contract was trading higher. This contract was up 0.2 percent to trade at $1,312.82 per ounce.
U.S. gold futures, for front month delivery, also rose this morning. This contract added 0.2 percent to trade at $1,316.2 an ounce.
The dollar index, which measures the dollar in a basket with six other currencies, was softer this morning. It was down against its Asian Forex partners and trading at at 96.68. The dollar index lost 0.4 percent yesterday. This was its worst single day loss in two weeks.
Gold Traders Digest Trump’s Comments on Trade with China
Overnight U.S. President Donald Trump said that he might let the March 1 deadline for reaching a trade deal slide little past the deadline. Trump said that the two close were close to reaching a new trade deal. This would end their trade war.
As of March 1, U.S. tariffs on $200 billion of imports from China will increase from ten to 25 percent if China and the U.S. cannot reach a trade agreement. This would cause more economic hardship for sectors ranging from consumer electronics to agriculture.
