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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 demand picked up in most Asian centres last week as prices of the yellow metal slid to a six-month low, with gold being sold at a premium in India for the first time in seven weeks.
Gold fell to its lowest in nearly six months on Wednesday as a higher dollar and a technical sell-off overwhelmed safe-haven buying spurred by fears of a trade war between the world’s top two economi
The Gulf Today
Gold fell on Friday after stronger than forecast US payrolls data boosted expectations that the Federal Reserve will press ahead with another US interest rate hike this month, lifting the dollar.
Gold prices fell for a second session on Monday after US President Donald Trump revived hopes that he would meet North Korean leader Kim Jong Un next month, lowering political tensions and demand for
The Gulf Today
Gold prices rose on Wednesday on uncertainty about trade talks between the United States and China, which boosted the metal’s safe-haven appeal, but a firmer dollar kept a lid on gains.