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Far East Tensions Cause Gold Prices to Perk
12 Agosto 2017, 03:04 | Dolorita Barahona
Far East Tensions Cause Gold Prices to Perk
"The direction in global equities will likely play a major role in the yen's direction today, while the market will also be interested to see what comes of US CPI data".
US gold futures for December delivery rose 0.2 percent to $1,291.80 per ounce.
Finally, not every conflict impacts the price of gold.
Pharmaceutical giant Valeant grew 2 percent after news hit the market that the company recorded lower sales in the second quarter, but saw the operating loss significantly lower. The Dow Jones industrial average slid 204.69 points, or 0.9 percent, to 21,844.01, just shy of its low point for the day. On Thursday, it logged its biggest one-day percentage loss since April 18, when a "snap" United Kingdom general election was called.
MTS Gold president Kritcharat Hirunyasiri said that if North Korea ignores US President Donald Trump's warning by testing its missiles with the target of Guam, gold prices will shoot to above $1,300 per ounce. Pyongyang said it was examining plans for attacking Guam, a USA territory in the Pacific with a military base.
THE QUOTE: While the tough talk about the potential for nuclear war is scary, investors have heard it many times before.
"If the U.S. should target North Korea, it would have to deal with North Korea's nuclear weapons, and there's also the possibility for Russian Federation and China to intervene", Yang said. The stock lost $5.07 to $101.91. Nvidia fell $4.73, or 2.7 per cent, to $167.38.
Smaller-company stocks also fell sharply. On the Nasdaq, 1,846 issues fell and 953 advanced favouring decliners. The FTSE 100 index of leading British shares was 0.6 percent lower.
Spot gold prices were little changed at $1,286.05/oz, after touching a two-month high earlier. Hong Kong's Hang Seng Index plunged by 2%, while South Korea's Kospi Index slumped by 1.7%.
BONDS: Bond prices rose.
Gold prices continued to move higher and now they are back in the highs of their yearly range and this means that they are very close to their highs of the year and thus in an important position.
As is often the case in such circumstances, many have looked for assets that are seen as less risky, one of which is gold. This has helped to awaken the sleeping giant in gold and it has since risen by over $30 during the course of this week. They suggest the US and China, a North Korean ally, could work together to de-escalate the situation. Brent crude, used to price global oils, rose 20 cents to $52.10 a barrel in London.
CURRENCIES: The dollar slipped to 109.98 yen from 110.06 late Wednesday in Asia.
Mr Trump's comments sparked a late afternoon selling on Tuesday, with the Dow ending a nine-day streak of closing records.
TSX slides as investors flee riskier assets; gold gains
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