Forex Marketz Daily Forex News – Fully Markets Update
Gold futures were steady during the morning Asian trade hours. They dipped to a monthly low on Friday as the dollar gained strength. The Federal Reserve remains on track to gradually tightening borrowing costs by raising rates and normalizing monetary policy.
As of 1:20 am GMT, the widely traded spot gold contract was trading flat. This contract was fetching $1,209.57 per ounce. On Friday, this contract fell to its lowest price since October 11. This was at $1,206.13 per ounce.
U.S. gold futures, for front month delivery, were also up. This contract gained 0.3 percent to trade at $1,211.7 per ounce.
Asian stocks were down this morning on global weakness. This is thanks to soft economic data out of China and weak oil prices. This is igniting trader worries about global economic growth.
Gold Traders watch U.S. Economic Data
Looking at economic data out of the United States, producer prices better than expected for the month of October. They were at their fastest pace in six years. Still, underlying price pressure was down. This indicates that the U.S. central bank is not facing increasing inflation.
In other headlines, former U.K. foreign minister Boris Johnson called again for Prime Minister Theresa May to change direction on Brexit. Johnson accused May of forcing a deal to keep the U.K. locked in the European Union’s customs union. He said that was “total surrender”.
Italy’s economy minister is looking to fix his nation’s budget’s growth forecast for next year. This is an attempt to reach a deal with the European Commission.
