Forex Marketz Daily Forex News – Fully Markets Update
The gold futures contracts gained ground on Thursday during the Asian trade session. Financial market participants were spooked by the sudden increase in coronavirus cases in the Province of Hubei, China.
This renewed a risk off atmosphere which sent equities lower and a safe haven asset classes, which include the yellow metal, higher. There are, once again, worries over the extent of the economic damage that this deadly virus will cause to China and other economies around the region and globe.
As of 3:15 am GMT, the widely traded spot gold futures contract inched higher. The spot contract added 0.4 percent to trade at $1,571.70 per ounce.
The U.S. gold futures contract, for front end delivery, also rose. This contract added 0.2 percent to fetch $1,574.90 per ounce.
Gold Traders react to Coronavirus Headlines
On 12 February, the Chinese province of Hubei reported disturbing virus numbers. There are 14,840 new cases of the deadly coronavirus. The death toll in Hubei also spiked. This number jumped from 242 to 1,310.
Health officials in the province said they included cases diagnosed with a new method. This worried the financial markets as traders looked for safety.
The coronavirus broke out, last month, in Hubei in the city of Wuhan. The virus has since spread to 24 other countries and is shaking up market sentiment.
Key U.S. Inflation on the Economic Calendar Today
Looking at the economic calendars today, the headline event is the January U.S. consumer price index (CPI). The U.S., at 1:30 pm GMT, will release the both core and headline CPI indices. The United States is also releasing monthly unemployment claims.
On the Eurozone economic calendar, the European Union (EU) will publish their updated economic forecasts. Germany will release monthly consumer price index data today, as well. The United Kingdom is set to release minor housing data, their RICS housing price (balance) index.
