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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.
Gold is sticking to a narrow trading range around $1,200 (Dh4,406) an ounce even after holdings in bullion-backed exchange-traded funds plunged to their lowest in a year.
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