LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Business News » World News

Gold hits highest in nearly a year as North Korea tensions rise

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
Updated: Mon, Sep 04, 2017
06:23 pm
Reuters
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

Gold prices shot up on Monday to their highest in close to a year as investors bought safe-haven assets on worries that North Korea might launch more missiles after its sixth and largest nuclear test.

A weaker dollar also underpinned gold, which is likely to continue its upward momentum in the coming days, said Tom Kendall, head of precious metals strategy at ICBC Standard Bank.

"We`ve got the geopolitics and we`ve also got a fairly benign interest rate environment. There`s still nothing threatening coming out of the Fed," he said, referring to the U.S. central bank.

Spot gold was up 0.7 percent at $1,334.11 an ounce by 1230 GMT, having touched its strongest level since late September last year at $1,339.47.

U.S. gold futures for December delivery were up 0.7 percent at $1,339.40.

South Korea said on Monday that it was talking to the United States about deploying aircraft carriers and strategic bombers to the Korean peninsula after signs that North Korea might launch more missiles.

The next technical target for spot gold was around $1,375, the high reached after last year`s Brexit vote, Kendall added.

"If you`ve got a momentum-type trading model, things have been pretty good," he said. "It`s not looking overextended or overbought just yet, so I think we can definitely get up to that $1,375 level."

The Japanese yen and sovereign bonds also climbed on Monday as North Korea`s nuclear test provoked a knee-jerk shift to assets perceived as less risky while stocks markets fell.

"Another plus for gold is that we don`t see an immediate rate hike and the shrinkage of the Federal Reserve`s balance sheet," said Mark To, head of research at Hong Kong`s Wing Fung Financial Group.

On Friday, after a U.S. government report showed that employers added fewer jobs than expected in August, traders held to expectations that the Federal Reserve would wait until the middle of 2018 before raising rates.

Gold is highly sensitive to rising interest rates because they increase the opportunity cost of holding non-yielding bullion while boosting the dollar, in which gold is priced.

Silver rose 0.6 percent to $17.79 an ounce, having hit its highest since late April at $17.90.

Platinum gained 0.4 percent to $1,008.75. It had previously marked its best since early March at $1,014.70.

Palladium dipped 0.1 percent to $979.75 after touching $1,001, its highest since February 2001.

The metal used in catalytic converters surged 5 percent on Friday, registering its biggest one-day jump since March 2016 after some U.S. automakers reported better than expected August sales and on an expected rise in demand from Houston to replace flood-damaged vehicles after Hurricane Harvey.

"The way palladium has moved and the speed at which it`s moved since the beginning of August, I think it`s getting to the point at which you would be very cautious of a significant correction back into the mid to low 900s over the next month or so," Kendall said.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

LATEST NEWS

PUBG Mobile India launch date: Rumours rage with this announcement; will the Battle Royale Game make comeback? Check latest report

ICICI Bank credit card, debit card holders delight! Get discount up to 50% on essential and luxury items | check details

Indian Logistics and Supply Chain Trends 2021 II Details Explained

Citi on Mutual Funds: UTI AMC is top pick; sector may deliver Healthy (15%) AUM / profit growth likely

EPF vs NPS - Budget 2021 Expectations: How FM Sitharaman can make National Pension System money-making machine for employees

HDFC Securities highlights that 14563-14256 is the resistance/support for the Nifty in the near term

Big Atmanirbhar Bharat weapons boost, Indian Army, DRDO develop first indigenous 9mm machine pistol 'Asmi'

7th Pay Commission latest news: Salary up to Rs 2.08 plus DA, HRA; check 7th CPC details in Central Government at upsconline.nic.in

Stocks to Buy: Tata Motors stock on a roll, gains 6 pct on Friday; Know why trends to remain bullish

Mid-cap Stock Picks With Anil Singhvi: Buy IRCTC, Trident and Speciality Restaurants shares for good returns

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved