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prensaestatal.com Setiembre 22, 2017


Flight-to-Safety Buying Drives Gold to a Two-month High

12 Agosto 2017, 03:11 | Dolorita Barahona

Gold Prices Go Up On Rising US-North Korea Tensions

Yen Franc Gains May Evaporate as Quickly as They Appeared

According to reports, North Korea said it was completing plans to fire four intermediate-range missiles over Japan to land near the U.S. Pacific island territory of Guam.

The broader Topix dropped 0.2 percent to 1,615.56.

US stock index futures were lower on Friday as the escalating war of words with North Korea drove investors to seek safety in low-risk assets.

"North Korea doesn't seem like they're going to back down and the United States has also made a very strong stance this time". Consumer-focused companies and technology stocks slumped.

The broad-based S&P 500 was hit even harder, dropping 1.5 percent to close at 2,438.22, while the tech-rich Nasdaq Composite Index lost 2.2 percent 6,216.87.

Emerging market stocks lost 1.20 percent.

A slight rise in a measure of US consumer prices pointed to benign inflation that could make the Federal Reserve cautious about raising interest rates again this year, which would be favourable to equity investors.

Equity markets had traded with a soft tone in Europe and there was a sharp increase in selling pressure in NY with the S&P 500 index declining by close to 1.0%.

Investors had sold riskier assets after strongly worded exchanges between Washington and North Korea late on Tuesday.

Overseas markets were also lower Wednesday.

The benchmark S&P 500 index tumbled more than 1 percent on Thursday, only the third time this year it has fallen that much, while the Nasdaq shed more than 2 percent.

"North Korea is being used as a reason to sell Japanese stocks, just as it was used yesterday in the USA", said Soichiro Monji from Daiwa SB Investments in Tokyo.

Against the pound, the euro managed to gain margially, rising 0.06% to 0.9047.

Escalating tensions around Pyongyang's nuclear ambitions sent a shiver through markets worldwide and pushed the dollar to below 109.7 yen in afternoon forex trade to an eight-week low against the safe haven currency, piling more pressure on Japanese stocks.

"They might take profits first and wait to see what's going to happen before they move into the market again", said GoldSilver's Lan.

On the currency front, the U.S. dollar is trading at 108.82 yen compared to the 109.20 yen it fetched at the close of NY trading on Thursday.

Financial stocks underperformed after U.S. Treasury yields fell as bond prices rose in a flight to safety by nervous investors.

Banks also fell 2 percent, putting the index on track for its worst week in nine months.

In commodities, USA crude fell 0.67 percent to $49.23 per barrel and Brent was last at $52.58, down 0.23 percent on the day.



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