Forex Marketz Daily Forex News – Fully Markets Update
The widely traded spot gold futures contract climbed higher as the week kicked off during the Asian trade session. The violent riots in the United States as well as continued political tensions between China and the United States has sent traders into safe haven asset classes.
As of 12:45 am GMT, the spot gold futures contract was up 0.6 percent to trade at $1,736.31 per ounce.
The U.S. gold futures contract for front end delivery, was trading flat at $1,751.30 per ounce.
Gold Traders watch the U.S. Riots as they look for Safety
Violent protests are flooding the streets of the United States once again. Outrage has grown over the death of a black man at the hands of police has sparked unrest around the country. This has further divided an already deeply politically divided nation as race relations are now boiling over.
The demonstrations, have turned violent over the killing of George Floyd at the hands of Minneapolis police. The outrage and violence has spread across the United States.
Cities across the nation are bracing for more violence and the State National Guard has been deployed in Minnesota.
Tensions between the United States and China Continue
Tensions between China and the United States continue to simmer. There are reports from China’s state run media and the government in Hong Kong that are lashing out at President Trump over his handling of China’s new nation state law over the City State.
The U.S. President has pledged to end Hong Kong’s special status if China continues to exert influence over the city’s independence with the new national security laws.
With that said, even as relations between the two countries have worsened since the Covid-19 pandemic, traders are feeling slightly better. President Trump has made no move to sever the trade deal, so far, over Hong Kong.
