Forex Marketz Daily Forex News – Fully Markets Update
Gold futures continue to inch higher during the Friday Asian trade session as the yellow metal is on track for its best performing week since October 2011.
Traders are increasingly worried about the spread of the deadly COVID-19 coronavirus around the world. This is driving capital into safe haven asset classes. Lower rates are supporting the non-fiat, non-interest bearing bullion.
As of 1:20 am GMT, the popular spot gold futures contract was up 0.2 percent to trade at $1,672.80 per ounce. The spot contract added nearly two percent on Thursday and is up 5.5 percent so far this week.
The U.S. gold futures contract, for front end delivery, also gained ground. This contract added 0.4 percent to fetch $1,674.20 per ounce.
The spot silver contract added 0.1 percent to trade at $17.43 an ounce and the palladium contract was steady on Friday. The spot platinum contract added 0.2 percent to trade at $865.90 per ounce.
Gold Traders Monitor Coronavirus and Central Bank News
The coronavirus has now claimed 12 lives, as of Thursday, in the United States. The last fatality was in King County, Washington. There are over fifty new cases in the U.S. as well. The states of Colorado, Tennessee and Texas are now reporting cases. The city of San Francisco, in California has just reported their first case.
The Bank of Japan stands ready to take possible action later this month to help companies being hit hard by supply chain disruptions. Other central banks, including the Bank of England are also saying that they will act, as needed and when the time is right, with anything they can to insulate their economies from the COVID-19 contagion.
Traders Wait on Key U.S and Canadian Labor Data
The economic calendar out of the United States is quite full. Traders will closely digest the ever important non-farm payroll (NFP). The U.S. will also release their unemployment rate and hourly wages. Also on the U.S. docket is monthly consumer credit data as well as their monthly trade balance.
The Canadian economic calendar is also quite busy. Canada will also be releasing key labor data as well as their monthly trade balance and the monthly Ivey purchasing managers’ index (PMI).
