Forex Marketz Daily Forex News – Fully Markets Update
The price of gold future contracts fell lower during today’s morning Asian trade session. Traders are waiting on this week’s monetary policy decision from the U.S. Federal Reserve, scheduled for Wednesday, as well as digesting recent soft economic data out of the United States.
As of 1:15 am GMT, the widely traded spot gold futures contract was down 0.2 percent to trade at $1,299.15 per ounce.
U.S. gold futures, for front end delivery, also fell lower. This contract shed 0.3 percent to trade at $1,299.10 per ounce.
Spot palladium futures also fell. This contract lost 0.8 percent to trade at $1,547 per ounce. Palladium, on Friday, hit its highest price point on record at $1,567.50 per ounce.
The dollar index was grading steady at 96.593. The dollar lost 0.2 percent on Friday and 0.8 percent for the week.
Gold Traders Digest Weak Economic Data
Traders are growing uncertain with the global economic outlook. They are worried over global trade as well. There are signs that the U.S. economy is about to slow down sharply. This means traders will be very sensitive to the Fed’s rate decision and comments this week.
For February, U.S. manufacturing output fell for a second straight month. Also, factory activity in New York State hit a two year low in the same time period. These are further signals of a slowing economy.
Out of China, Beijing is taking even more steps to shore up their slowing economy. They will even cut “its own flesh”, Premier Li Keqiang said on Friday, to support recent large scale tax cuts.
