Forex Marketz Daily Forex News – Fully Markets Update
Gold futures rose to their highest price levels in two weeks during today’s Asian trade session. This comes as the dollar sagged. Traders are anticipating a trade deal between the United States and China as representatives from China will travel to Washington DC this week. The other precious metal, palladium also inched higher to trade at a record high.
As of 3:25 am GMT, the spot gold futures contract was trading higher. The spot contract gained 0.3 percent to trade at $1,324.80 per ounce. This is just under a nine month high at $1,326.30 an ounce. This was last reached on January 31.
U.S. gold futures, for front end delivery, gained 0.4 percent to trade at $1,327.8 an ounce.
The palladium futures contract was also up. Palladium is at a new record high of $1,449 an ounce. It is trading in a broad range as of right now.
Gold Traders Look at Trade Talks between the U.S. and China
The dollar was weaker this Asian trade session. Traders are hoping that a new trade deal between United States and China will be reached soon. This will shift funds out of the safe haven dollar. During the trade war it was the preferred safe haven asset.
Both economic superpowers will resume trade talks in Washington. These talks are scheduled for this week as time is running out to reach an agreement before the March 1 deadline.
President Donald Trump said again, on Friday, that he might extend a March 1 deadline. This is giving hopes to traders that a trade deal might be near.
