Gold Futures Prices Hovers Near 1-Year Peak with North Korea Attention

Gold Futures Prices Hovers Near 1-Year Peak with North Korea Attention

Gold futures prices continued to trade near one-year highs on Tuesday, , as North Korea’s most powerful nuclear test to date underpinned demand for safe-haven assets.

Comex gold futures were up $6.76 cents or around 0.51% at $1,337.08 a troy ounce.

Spot gold rose 0.22 per cent higher at USD 1,336.70 an ounce in Singapore today.

At the Multi Commodity Exchange, gold for delivery in October was trading higher by Rs 103, or 0.34 per cent, at Rs 30,208 per 10 grams.

It boosted precious metals after North Korea conducted its sixth largest nuclear test on record on Sunday, prompting US Secretary of Defense James Mattis, to say that any threat to the United States or its allies will face “significant military response.”

On Monday, South Korea said its northern neighbor saw the move of what appeared to be an intercontinental missile towards the west coast.

At the same time, it was said that the United Nations consider imposing tougher against North Korea economic sanctions.

US trading partners accused North Korea of helping its nuclear ambitions, saying that “all options to face the threat of North Korea are on the table”.

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