Forex Marketz Daily Forex News – Fully Markets Update
Despite rising geopolitical tensions, between the West and Saudi Arabia over the missing and presumed murdered journalist, gold futures were steady this morning during Asian trade hours. Traders are waiting on today’s release of the Federal Reserve Board’s last monetary policy meeting minutes due later today. Traders will look for cues on future rate hikes.
As of 1 am GMT, the widely traded spot gold contract was up. The spot contract gained 0.1 percent to trade at $1,224.70. On Monday, this contract was at its highest price level since July 26 at $1,233.26 an ounce.
U.S. gold futures, for front month delivery, was down. This contract lost 0.2 percent to trade at $1,228.30 an ounce.
Gold Traders digest Geopolitical Tensions
President Donald Trump, yesterday, gave Saudi Arabia the benefit of the doubt in the disappearance of journalist Jamal Khashoggi. However, U.S. lawmakers accused the Saudi leadership. Also, other Western states upped the pressure against Riyadh to provide answers regarding this matter.
Trump also upped the criticism on his central bank during an interview with Fox Business Network. He continued to express his frustration with the bank’s chairman, Jerome Powell. He has criticized Powell in public a lot.
Past presidents have been careful not to criticize the central bank. A central bank’s independence is important for economic stability. Trump over the past week has called the Fed “crazy,” “loco,” “ridiculous,” and “too cute”.
