Gold futures rise on escalating geopolitical tensions

23/09/2017 17:30 AST

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday as investors sought refuge amid escalating tensions between the United States and the Democratic People's Republic of Korea (DPRK).

The most active gold contract for December delivery rose 2.7 dollars, or 0.21 percent, to settle at 1,297.5 dollars per ounce.

DPRK officials on late Thursday threatened to test a hydrogen bomb over the Pacific Ocean, escalating tensions in the Korean Peninsula. Before that, the U.S. President Donald Trump threatened to "totally destroy" the DPRK if it attacks the U.S. or its allies.

Gold is often used as a refuge in times of political or economic turbulence, while assets considered risky such as stocks are dumped.

The precious metal was given further support as the U.S. Dollar Index fell by 0.2 percent to 91.99 as of 1730 GMT. The index is a measure of the dollar against a basket of major currencies.

Gold and the dollar typically move in opposite directions, which means if the dollar goes down, gold futures will rise as gold, measured by the dollar, becomes less expensive for investors. As for other precious metals, silver for December delivery dropped 3.8 cents, or 0.22 percent to close at 16.98 dollars per ounce. Platinum for October fell 7.8 dollars, or 0.83 percent, to settle at 932.1 dollars per ounce.


Xinhua

Most Viewed Companies

Ticker Price Volume
SABIC 114.77 5,915,941
SAMBA 26.98 1,138,683
STC 83.41 257,644
DARALARKAN 13.47 74,648,349

Precious Metal Quotes

(In US Dollar) Change Change(%)
Gold 1,332.2 -8.6 -0.64
Silver 16.4 -0.21 -1.23
Platinum 923 -9 -0.97
Palladium 929 -3 -0.32

Recent News

Gold gains as dollar dips, US-China trade tensions escalate

05/04/2018

Gold rose nearly 1 per cent on Wednesday as the dollar dipped and share markets faltered after China retaliated in kind to a US move to slap tariffs on $50 billion (Dh183.5 billion) worth of its impo

Gulf News

Gold forges best run since 2011 as stars align for bullion bulls

01/04/2018

Gold bulls are finding 2018 offers plenty of reasons to be cheerful. Bullion’s wrapping up a third quarterly gain, a feat not seen since 2011, and exchange-traded fund holdings are near the highest

Gulf News

Gold steadies after hitting two-week high

23/03/2018

Gold steadied on Thursday below a two-week high hit in the previous session as the dollar slid after the US Federal Reserve showed a less hawkish stance on rates than expected.

The Fed ra

The Gulf Today

Aluminium hits 3-month low as stocks ramp up, tariffs loom

16/03/2018

Aluminium slid to a three-month low on Thursday, hurt by a rise in stocks, the prospect of looming US import tariffs, and expectations that supply from China will rise as its winter pollution control

Gulf News

Gold edges lower, seen vulnerable ahead of U.S. inflation data

14/03/2018

Gold slipped on Tuesday, pressured by a firmer dollar and concern that US inflation data later in the day will be robust, strengthening the case for more US interest rate hikes.

Analysts po

Gulf News

logo

Financial Information Co.

P.O. Box 69410, Riyadh 11547, Saudi Arabia

GCC Markets

Mutual Funds

News

Investment Tools

Sector News

Screeners

Indices & Commodities

Downloads

Copyright ©2001 - 2024, Financial Information Co. All Rights Reserved.

Terms of Services | Privacy Policy | Advertise with us | Contact Us | Sitemap