Forex Marketz Daily Forex News – Fully Markets Update
Gold futures were trading weaker during the Asian trade session on Thursday. The dollar is trading near a two year high as it is getting safe haven support. The trade war between the world’s two largest economies, the United and China, is growing increasingly bitter. Traders are worried that it will not end soon and this good negatively impact global economic growth.
As of 3:10 am GMT, the spot gold futures contract was down 0.1 percent to trade at $1,277.71 per ounce.
U.S. gold futures, for front end delivery, lost 0.3 percent to trade at $1,276.70 an ounce.
Silver prices fell 0.7 percent to trade at $14.32 per ounce. Silver was at its lowest price point since December on Tuesday at $14.25 per ounce.
Platinum lost 0.2 percent to trade at $790 per ounce. The spot palladium contract lost 0.9 percent to trade at $1,336.95 per ounce.
The Dollar Trades Steady weakening Gold Prices
The dollar was trading steady this morning as traders looked for a safe haven asset class. The trade war rhetoric between the world’s two largest economies, the United and China, is growing increasingly bitter.
The dollar index, which measures the greenback against six other currencies, was steady at 98.12. This is within the two year high at $98.371 hit last week.
Traders are digesting Chinese trade war comments. A senior official from China said that the trade war is naked economic terrorism.” This is increasing already tense rhetoric between the world’s two largest economies as their trade war shows no end in sight.
