Forex Marketz Daily Forex News – Fully Markets Update
Gold futures contracts were trading steady during the Asian trade session on Monday. The contracts, by lunchtime were slightly higher as traders are not making big moves before the Christmas Holiday. The New Year holiday is in a week as well.
Traders are also watching developments surrounding the preliminary trade deal between China and the United States. China is ready to reduce tariffs on over 800 products on January 1 and both nations hope to sign the “phase one” trade accord in February.
As of 1:05 am GMT, the popular and widely traded spot gold futures contract had edged up 0.1 percent to trade at $1,479.05 per ounce.
The U.S. gold futures contract was also trading up about 0.1 percent to fetch $1,482.90 per ounce.
The spot silver futures contract was trading flat at $17.19 per ounce. The spot platinum futures contract added 0.9 percent to trade at $916.70 per ounce.
The spot palladium futures contract lost five percent on Friday and was down half a percent during the Asian morning hours to fetch to $1,846.83 per ounce.
Gold Traders Monitor Trade News between China and the United States and US GDP Data
On Saturday, the American President, Donald J. Trump, said that China and the United States would “very shortly” signed their preliminary trade accord called the “phase one” pact.
Traders and the financial markets still want more details that are within the agreement. Both sides are relaxing tariffs. The United States cancelled he tariffs that would have gone into effect on December 15 and will reduce tariffs in phases. China will purchase more agricultural goods and are reducing tariffs on goods starting January 1.
In other news, China’s top lawmaking body criticized the defense bill that the United States passed on December 9. The said this bill is “interference” in internal Chinese matters.
On Friday, economic data showed that the U.S. gross domestic product was slightly higher in the third quarter. Consumer spending, for November, was up. This steady string of positive data could reinforce the Federal Reserve’s argument to wait and see with monetary policy.
