MTECHTIPS:-Gold prices hover at 1year highs amid geopoliticaltensions

MTECHTIPS:-Gold prices hover at 1-year highs amid geopolitical tensions

MTECHTIPS -Gold prices hovered at one-year highs on Monday, as fresh threats by North Korea sparked concerns over a potential conflict in the region and boosted demand for safer assets. Comex gold futures were up $9.15 cents or around 0.69% at $1,339.55 a troy ounce by 08.35 a.m. ET (12:35 GMT). Demand for the safe-haven metal was boosted after North Korea said on Sunday that it had conducted a test of a hydrogen bomb intended to be mounted on an intercontinental ballistic missile. Pyongyang called the test a complete success, with a greater yield than previous tests and no adverse impact on the environment. The news prompted U.S. to warn of a “massive” military response if it or its allies were threatened. U.S. President Donald Trump also threatened to cut off trade with any country doing business with North Korea. Gold prices also benefited from a weaker U.S. dollar after the U.S. Labor Department reported on Friday that the economy added 156,000 jobs in August from the prior month, while the unemployment rate ticked up to 4.4%. Economists had expected 180,000 new jobs and an unemployment rate of 4.3%. The report indicated that the Fed may be more reluctant to raise interest rates again before the end of the year

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