MTECHTIPS- Gold eyes $1,300 as North Korea tensions rise

MTECHTIPS- Gold eyes $1,300 as North Korea tensions rise

MTECHTIPS- Gold prices traded near session highs on Monday, in the wake of continued dollar weakness, following growing fears over geopolitical tensions in North Korea, after the U.S. and South Korea began military drills. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose $5.58, or 0.59%, to $1,297.21 a troy ounce. Safe haven demand rose, supporting a move higher in gold prices, after the U.S. and South Korea began computer-simulated military exercises on Monday, risking a reaction from North Korean leader Kim Jong un, who may view such exercises as preparation for an invasion of the isolated nation. Pyongyang warned on Sunday that the annual U.S.-South Korea military exercises are “reckless behavior driving the situation into the uncontrollable phase of a nuclear war.” The rise in geopolitical tensions in the Korean Peninsula comes amid turmoil in Washington, as investors continued to doubt whether the recent political controversies engulfing President Donald Trump will delay the introduction of his pro-growth economic agenda. Gold’s move higher, however, could come under pressure later this week should speeches by central bankers Janet Yellen or Mario Draghi include hawkish undertones.

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