Forex Marketz Daily Forex News – Fully Markets Update
Gold futures were slightly higher during Asian trade hours. This coms after its largest biggest percentage decline in over two weeks yesterday. It is now set to post a small gain for a second week in a row. The bullion is being supported by tensions over Syria and a U.S.-China trade spat that continues to simmer.
As of 1 am GMT, Spot gold (XAU/USD) was up 0.2 percent to $1,337.17 an ounce. It is now set for a weekly gain of 0.3 percent.
U.S. gold futures were down 0.2 percent to $1,339.90 an ounce.
Gold prices dropped 1.3 percent on Thursday. This was, the biggest single day percentage fall since March 28. Previously the bullion climbed to its highest price point in 11 weeks.
Gold Traders watch Global Headlines
President Donald Trump and his national security aides discussed U.S. options on Syria, yesterday. Trump has threatened missile strikes in response to a poison gas attack. The Russian envoy voiced fears of wider conflict between the U.S. and Moscow.
British Prime Minister Theresa May summoned her senior ministers to a special cabinet meeting. They discussed joining the United States and France in possible military action against Syria. Also in response to the poison gas attack on civilians.
World trade in goods is still recovering. However it could falter if trade tensions escalate. These were comments from the World Trade Organization at its annual meeting on Thursday.
China’s commerce ministry said that trade negotiations with the United States would be impossible. They say that Washington’s attempts at dialogue were not sincere. China will strike back if President Donald Trump escalates trade tensions.
In economic data news, new applications for U.S. unemployment benefits fell last week. This indicates strong labor market strength. There was a sharp loss in NFP job growth in March.
