Forex Marketz Daily Forex News – Fully Markets Update
Gold futures are extending loses Wednesday morning during Asian trade hours. The dollar is moving higher alongside higher Treasury rates. Investors are also waiting on the release of the last minutes of the Federal Reserve Board’s monetary policy meeting. They will be looking for cues on future rate hikes this year.
As of 1:30 am GMT, spot gold (XAU/USD) was down by 0.1 percent to $1,328.65 an ounce. The bullion is now down for a fourth straight session.
Prices fell 1.3 percent yesterday. It was its biggest single day percentage loss since December 7, 2017.
U.S. gold futures fell 0.01 percent. Last trading at $1,331.1 per ounce.
The U.S. dollar index, which measures the dollar against a basket of six trading partners, rose by 0.03 percent. It was last trading at 89.74.Yesterday it was up 0.7 percent. This was the dollar index’s largest daily gain in two weeks.
Gold Traders are waiting on the Fed Minutes Release
On the calendar today, the Federal Reserve will be releasing the minutes of its last monetary policy meeting held in January.
The meeting was held during last month’s selloff in the global equity markets and traders are keen to hear what the Fed has to say as well as their rate outlook.
Treasury yields where higher overnight. The benchmark 10 year yield was back near its four year peak. Traders are waiting on this week’s sale of $258 billion of new government paper.
The Treasury Department sold record amounts of three month and six month paper. They were at the highest interest rates in more than nine years.
