MTECHTIPS-Gold prices hover at 10-month highs on geopoliticaltensions

MTECHTIPS-Gold prices hover at 10-month highs on geopolitical tensions

MTECHTIPS – Gold prices continued to hover at a 10-month peak on Tuesday, as news of another North Korean missile test sparked concerns over fresh geopolitical tensions in the region. Comex gold futures were up around $13.72 or about 1.06% at $1,329.&& a troy ounce by 08:40 a.m. ET (12:40 GMT). Safe-haven demand strengthened after North Korea fired a missile that flew over northern Japan, in the latest act of provocation by Pyongyang. Following the missile test, the U.S., Japan and South Korea asked for a United Nations Security Council meeting. According to diplomats, a meeting of the 15-member Security Council is scheduled to be held later Tuesday. Meanwhile, the greenback remained under pressure after a speech by Federal Reserve Chair Janet Yellen at the Jackson Hole economic symposium on Friday made no reference to monetary policy, disappointing some investors who had hoped she would adopt a hawkish tone. Investors were also cautious after Tropical Storm Harvey hit Houston, Texas, and many oil refineries in the U.S. Gulf Coast, sparking worries about the storm’s impact on the U.S. economy. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.58% at 91.65, the lowest since January 2015. The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases

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