Gold Futures Prices Holds Steady on Safe-Haven Demand Amid Heightened Geopolitical Concerns

Gold Futures Prices Holds Steady on Safe-Haven Demand Amid Heightened Geopolitical Concerns

The futures prices of gold higher in the morning hours on Monday, kicking off the week with gains supported by the safe-haven interest amid growing geopolitical tensions on North Korea and the weak dollar.

Comex gold futures tacked on $6.00, or about 0.5%, to $1,232.35 a troy ounce.

Spot gold edged down 0.1 per cent to $1,233.18 per ounce. The metal hit $1,222.51, the lowest since Feb. 15, in the previous session on signals of a hike in US interest rates this month.

The geopolitical tensions in focus after North Korea fired four ballistic missiles early on Monday, three of which landed in the exclusive economic zone in Japan, an area that extends about 230 miles into the sea from its coast.

The move came after the reported Japanese media on Saturday, US Secretary of State of the State Rex Tillerson is scheduled to Japan, South Korea and China to visit this month to discuss North Korea in his first visit to the region since taking office.

The USD declined in Asian trading on Monday, as investors closed gains after rising last week amid growing expectations of the existence of interest rate hikes in the United States. The dollar index rose 0.1 per cent to 101.46.

US Federal Reserve Chairman Janet Yellen capped off a concerted push it seems from the central bank when it reinforced the opinion that the Federal Reserve will raise interest rates at its next meeting on March 14 to 15, and is likely to be able to move faster after that it used to be in years.

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