Forex Marketz Daily Forex News – Fully Markets Update
Gold futures rose during the Asian trade session on Friday. Financial market traders looked for safety as sentiment soured further. The financial markets are worrying over the rapidly spreading COVID-19, coronavirus, as it could now become a global pandemic.
As of 12:55 am GMT, the widely traded spot gold futures contract, was trading higher. This contract was up 0.2 percent to trade at $1,645.79 per ounce. For the week, the spot contract is on track to close higher on safe haven demand.
The U.S. gold futures contract, for front end delivery, was trading up 0.1 percent to fetch $1,644.20 per ounce.
The spot silver contract was up 0.6 percent to trade at $17.81 per ounce, but still on track for a weekly loss. The spot palladium contract fell 0.2 percent to trade at $897 per ounce on track for its worst week since November 2015.
Gold Benefits as Sentiment Sours over the Coronavirus
Global equities are selling off again as sentiment sours over COVID-19 headlines. They are on track for their worst week since the global economic crisis in 2008 as traders brace for the coronavirus to become a pandemic.
In China, there are 327 new confirmed cases as of Thursday. According to the National Health Commission, this is down from the 433 new cases seen on Wednesday.
The death toll in Iran rose to 26. This is the highest toll outside of China and they have at least 245 people infected including several senior government officials.
Moody’s Analytics has issued a warning that a pandemic could cause a global recession. Including one in the United States during the first half of 2020. Traders are now looking to see if the U.S. Federal Reserve will cut rates at their next meeting to insulate their economy.
Financial market analysts fear that might not be enough to ward off the effect of the economic damage caused by an economic slowdown.
