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Gold Trades steady during Asian Trade Hours

goldGold futures were virtually steady this morning during Asian trade hours. This comes after a setting a new low price point for 2018 during North American trade hours. The U.S. dollar and Treasury yields also held steady overnight.

As of 12:30 am GMT, spot gold futures (XAU/USD) was virtually unchanged. The bullion was trading at

The U.S. dollar index, which gauges the dollar’s strength against six other Forex majors, was also steady this morning. This comes after marking its best price point earlier in the week at 93.632.

Looking at U.S. Treasury bonds, the yield on the benchmark 10 year note was trading close to its highest yield level in seven years during the overnight session.

Gold Traders watch developments between the Unites States and North Korea

Looking at headline affecting the yellow metal, developments between North Korea and the United States dominated sentiment.

President Donald Trump, on Thursday, seemingly tried to walk back comments to calm down the rogue nation of North Korea and its temperamental leader Kim Jong Un. This comes after the north threatened to cancel an historic summit. Trump made assurances. He said that that Kim’s security will be guaranteed in any deal.  North Korea, as well, is being given assurances that they will not suffer a similar fate Muammar Gaddafi’s Libya suffered. It will, however, if a deal not be reached.

Also making headlines, overnight, President Donald Trump said that China was “very spoiled.” This concerns trade with the United States. This casts some doubts on the success of his efforts to bring some balance back to the trade relationship with the world’s second largest economy. This comes as high stakes negotiations between the two nations is opening in Washington DC, the capital of the United States of America.

About David Frank

David has his MA and PhD in Economics. He is a technical analyst who has been trading in the Forex world for over a decade. As an analyst and trader, David believes in the big picture by blending together technical analysis with the fundamentals behind the scenes in the Forex and Bond markets. David’s trading strategy is unique. He blends an understanding of fundamental and macroeconomics with technical analysis to offer a unique view into Forex. He applies several strategies including carry long positions, to take advantage of high yields in non-volatile markets, as well as using quicker, chart related analysis for day trading.

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