Gold Prices Peaks on North Korea’s Missile Launch Over Japan; Bullish Bets Pile Up

Gold Prices Peaks on North Korea's Missile Launch Over Japan

Gold futures prices nearly 11-month highs in early trade on Tuesday, as the dollar pared some of its losses on safe haven buying amid rising tensions between US and North Korea.

Gold futures for December delivery on the Comex Exchange rose $3.98, or 0.30%, to $1,319.31 a troy ounce.

MCX Gold was up 0.37 per cent, or Rs 108, at Rs 29,275 per 10 gram. MCX Silver was up 0.41 per cent, or Rs 158, at Rs 39170 per 1 kg at around the same time.

Globally, gold rose 0.90 per cent to $1,322.41 an ounce, the highest intra-day since November 9 last year and silver by 0.66 per cent to $17.54 an ounce in Singapore.

Gold prices rose more than 1% to the highest level in 11 months at $ 1331.18, after North Korea launched a missile that flew over Japan on Monday, which led to the flight of the plane between the safety and the safety of investors, thereby raising the demand for safe haven assets such as gold.

However, trading was short-lived as traders seemed to be making gains on the metal’s rally to a multi-month high as the dollar rebounded amidst more than expected consumer confidence data.

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