Forex Marketz Daily Forex News – Fully Markets Update
Gold futures were trading steady this morning during the Asian trade hours. This comes as the dollar recovered a bit, but remains well below November’s 17 month peak. The other precious metal, palladium, also fell from record highs but still trades near the price level of the yellow metal.
As of 1:20 am GMT, the widely traded spot gold contract was trading steady at $1,236.85 per ounce. During trading, yesterday, this contract hit a high of $1,241.86 per ounce. This was this contract’s highest price point since October 26.
U.S. gold futures, for front end delivery, fell this morning. This contract lost 0.4 percent to trade at $1,241.4 per ounce.
The dollar index, which measures the dollar in a basket with six other currency majors, was up a tad this morning. The greenback gained almost 0.1 percent.
Gold Traders eye a Global Selloff in the Equity Markets and a Regional Asian Selloff
This morning, following yesterday’s rout on Wall Street, Asian stock markets flowed that trend and were sharply lower. Traders are growing increasingly worried about a fall in long-term U.S. Treasury yields. Also trade war worries are mounting causing traders to worry about a possible slowdown in global economic growth.
A key Federal Reserve policymaker said, overnight, that he expects further rate hikes. These hikes will continue into 2019 as the U.S. economy is “in really good shape.” This supports the Federal Reserve Board’s upbeat tone with their local economy. However, this tone does come as there is growing worries within the financial markets over global economic growth.
