Forex Marketz Daily Forex News – Fully Markets Update
Gold futures contracts were a tad higher during Asian trade session on Monday. These contracts fell sharply lower last week but recovered, on Friday, as tensions mounted in the Middle East between the United Kingdom, United States and Iran.
The Iranian Navy has reportedly seized a U.K. flagged tanker in the Strait of Hormuz and England is currently weighing all options on the table. Very few seem good.
However, a stronger U.S. dollar limited gains for the yellow metal.
As of 3:25 am GMT, the widely traded spot gold contract was up 0.2 percent to trade at $1,427.26 per ounce. This contract on Friday, was trading at its highest price level since May 2913 at $1,452.60 per ounce.
U.S. gold futures, for front end delivery, also gained ground. This contract added 0.1 percent to trade at $1,428.50 an ounce.
The spot silver contract was trading up 0.7 percent and the spot palladium contract added 0.4 percent. Platinum was up 0.6 percent to trade at $848.88 an ounce.
Traders watch Geopolitical Tensions and Support Gold Prices
Traders in the financial markets are watching mounting geopolitical tension. Especially in the Middle East between the Iran, the United Kingdom and the United States as the Iranian navy has seized a U.K. flagged oil tanker. There is video footage of the Iranian Navy defying a U.K. naval warship as they seized a tanker in the Strait of Hormuz on Friday.
The financial markets are also watching news out of China and the United States as both nations restart trade talks to bring an end to the bitter trade war. Some companies out of China are reportedly looking to buy U.S. agricultural products. This is a potential positive development.
