Forex Marketz Daily Forex News – Fully Markets Update
Gold futures rose higher during the Asian trade session on Tuesday. The safe haven yellow metal is near a six year high price point as traders digest regional turmoil in Hong Kong and the crash of the Argentinian currency after election results on Monday.
Traders are also worried about global economic growth and ongoing global trade tensions which is sending traders into safe haven asset classes like the bullion.
As of 3:30 am GMT, the widely traded spot gold futures contract was up 0.3 percent. This contract was trading at $1,515.32 per ounce. Earlier in the Asian session, the spot contract touched $1,518.03 per ounce, which was its highest price point since April 2013.
U.S. gold futures, for front end delivery, gained 0.6 percent to trade at $1,526.90 an ounce.
The spot silver contract was up over one percent to trade at $17.25 per ounce. This contract, earlier in the trade session, hit its highest level since February 2018 at $17.36 per ounce.
The spot platinum contract was up 0.9 percent to trade at $859.71 and the spot palladium contract was up 0.7 percent to trade at $1,436.87 an ounce.
Gold Traders Digest Global Political Turbulence
Traders, around the globe, are growing increasingly worried with the mounting unrest in Hong Kong. Yesterday, the international airport was closed to flights for several hours thanks to protests.
The surprise election results in Argentina shocked the financial markets. Argentina President Mauricio Macri lost to the opposition in the country’s presidential primaries. After the election the Argentinian peso closed at $52.15. This was a loss of nearly 15 percent against the dollar and was trading at an all-time low of $61.99.
Traders are worried that Argentina could return to interventionist policies. This could lead to a possible default with the nation’s outstanding debt.
