Forex Marketz Daily Forex News – Fully Markets Update
Gold futures inched higher during Friday’s Asian trade hours as the dollar was steady. However, the bullion remains on track for its largest weekly loss since May of 2017.
As of 1 am GMT, the widely traded spot gold contract (XAU/USD) was up slightly. This contract added 0.3 percent to trade at $1,177.38 an ounce. In the North American trade session, the contract was at a 19-month low. That was at $1,159.96.
The precious metal lost, so far this week, 2.8 percent. This could be a record setting sixt weekly loss in a row.
U.S. gold futures, for front end delivery, were flat trading at $1,184 an ounce.
The dollar index, which measures the dollar in a basket against six other major currencies, was slowly falling back from a better than 13 month high. Trader risk aversion is fading as they wait on developments between the United States and China on trade.
Gold Traders watch Trade War Headlines this Morning
China and the United States will engage in trade talks this month. The two countries announced this on Thursday. This offers some hope that they can resolve an escalating trade war. This trade spat is threatening to encapsulate trade between the world’s two largest economies.
In other news, the United States has warned Turkey to expect more economic sanctions. The US is demanding that Turkey release American pastor Andrew Brunson. Relations between the two NATO allies have worsened.
Turkish Finance Minister Berat Albayrak, has tried to calm down international investors that Turkey will be better after this current monetary crisis ends. He is insisting that the country’s banks are healthy. He is alluding that Turkey will ride out the dispute with the United States successfully and be stronger for it.
