Forex Marketz Daily Forex News – Fully Markets Update
Gold futures were steady this morning during Asian trade hours. The yellow metal had fallen to a six month low during the last session as the dollar trades near an eleven month high. Global stocks also recovered a bit.
As of 1 am GMT, the widely traded spot gold futures contract (XAU/USD) was trading at $1,273.82 an ounce. The bullion was at its lowest price point since December 22 at $1,270 an ounce yesterday.
U.S. gold futures, for August delivery, fell today. They lost 0.2 percent to trade at $1,276.10 per ounce.
The U.S. dollar index, which measures the U.S. currency against six other major Forex rivals, was trading at 95.057. It was at an eleven month high at 95.296 on Tuesday.
Gold Traders still watch Global Trade Headlines
Looking at some of the headlines impacting the yellow metal today, China has underestimated President Donald Trump’s resolve to enact even more tariffs unless it changes its “predatory” trade practices. These comments come from a White House trade adviser. Trump had targeted even more Chinese imports for new tariffs.
The European Central Bank will be patient. They will not rush to tighten its monetary policy. This comes from ECB President Mario Draghi. He said that market levels for the bank’s first rate, hike, since the global financial crisis, is on the horizon but hikes will be gradual.
Also, from Europe, only a very large economic shock must occur for the ECB to reverse this decision to end bond purchases. This came from Irish central bank chief Philip Lane.
In other headlines, possible negotiations between the Taliban and the United States could happen. Afghan President Ashraf Ghani has called for a ceasefire. He is also permitting militants to enter cities. This is to help bring about the start of peace talks.
