Forex Marketz Daily Forex News – Fully Markets Update
Gold futures were trading steady during the Asian trade session on Wednesday. The price of the spot contract is oscillating near $1,500 per ounce as the yellow metal is being supported by regional unrest in Hong Kong and global economic growth worries.
Yesterday’s positive trade related news between the United States and China did cap gains as tensions eased a bit.
As of 3 am GMT, the spot gold futures contract was trading at $1,501.73 per ounce. The U.S. gold futures contract, for front month delivery, was trading down by 0.1 percent at $1,512.10 an ounce.
The spot silver futures contract was down 0.1 percent to trade at $16.95 per ounce. This contract hit an 18 month high on Tuesday.
The spot platinum contract lost 0.8 percent to fetch $825 per ounce and the spot palladium contract lost 0.7 percent to trade at to $1,444.20 an ounce.
Gold Traders Digest Positive Trade War Headlines between the U.S. and China
Yesterday, U.S. President Donald Trump decided to delay his September 1 deadline for ten percent tariffs on Chinese imports until December. The United States will delay new tariffs on: cellphones, laptops and other consumer goods as the U.S. hopes to support consumer spending into the holiday season.
This delay was a boost to consumer sentiment which supported risk assets like global equities. Asian markets were also supported by the news today.
Global unrest has been boosting the yellow metal as the spot contract hit a six year high as the Argentinian peso was routed. Continued unrest in Hong Kong has also boosted the safe haven metal.
Traders will now watch the upcoming U.S. Federal Reserve’s annual symposium scheduled for next week. The will be looking for clues on future of interest rates moves.
