Forex Marketz Daily Forex News – Fully Markets Update
The price of gold futures contracts held steady during today’s Asian and Pacific Rim trade session. The price of the bullion is still trading near its recent two week lows which were set this past Friday after the non-farm payroll release in the United States. The recent labor release out of the US I buoying investor sentiment and US dollar traders hope for another rate hike from the US Federal Reserve, this year.
Spot gold (XAU/USD) edged higher, at 1:00 am GMT, by 0.1 percent to $1,258.20 per ounce. US gold futures, for December delivery, were essentially flat at $1,264.20 per ounce.
The US dollar’s recent gains steadied this morning. The sawbuck maintained most of the gains it made thanks to last week’s labor data. This labor market data is keeping investor hopes alive that the US Federal Reserve could still increase interest rates one more time this year.
The yellow bullion could find some support, not much, as tensions continue to mount between North Korea and the United States. The rogue nation continues to show defiance and rattle the saber by saying the entire United States is now in its strike capability.
Gold is hurt by Fed Comments
Federal Reserve St. Louis Fed President James Bullard said Monday that the Fed could leave interest rates where they are for now. This is because inflation is not likely to rise much, even as the labor market continues to improve. There is still very little movement on wage growth,
Turning back to North Korea vs. the United States, US Secretary of State Rex Tillerson is holding the door open for dialogue with North Korea. He says that Washington was willing to talk to Pyongyang if it halts its recent bout of ballistic missile test launches.
