MTECHTIPS:-Gold Prices Edge Lower as Safe Haven Demand Fades

MTECHTIPS:-Gold Prices Edge Lower as Safe Haven Demand Fades

MTECHTIPS – Gold prices fell below break even on Tuesday as easing U.S.-North Korea tensions fuelled demand for riskier assets lifting global stocks to record highs for a second straight day. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange fell by $3.46, or 0.26%, to $1,332.46 a troy ounce. The relief rally continued for a second straight day, lowering demand for safe-haven gold as investors shrugged off fresh threats from North Korea after the United Nations imposed a fresh round of sanctions, restricting the country’s access to oil imports while limiting textile exports. North Korea’s ambassador to the UN, Han Tae Song, told a conference in Geneva: “The forthcoming measures by DPRK [the Democratic Republic of Korea] will make the US suffer the greatest pain it has ever experienced in its history.” Also weighing on gold prices was a sharp rise in U.S. treasury yields ahead of inflation data due Wednesday, which could influence the Federal Reserve’s interest rate decision slated for September 20. Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion

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