Gold prices rise amid geopolitical tensions
DSIJ Intelligence / 05 Jul 2017
During Wednesday trade,gold prices ticked up as Korean peninsula unrest stoked safe-haven demand for the yellow metal, while the minutes from the US Federal Reserve last meeting was also in focus.
During Wednesday trade,gold prices ticked up as Korean peninsula unrest stoked safe-haven demand for the yellow metal, while the minutes from the US Federal Reserve last meeting was also in focus.
Investors were waiting for the minutes of US Federal Reserve's June meeting due at 1800 GMT, to gauge how committed the central bank is to increase rates again this year.
Spot gold had risen 0.3% to USD 1,227.71 per ounce by 0414 GMT.
US gold futures for August delivery climbed 0.7% to USD 1,227.10 per ounce.
North Korea on Wednesday said its newly developed intercontinental ballistic missile (ICBM) can carry a large nuclear warhead, triggering a call by Washington for global action to hold it accountable for pursuing nuclear weapons, reported a leading business daily.
Gold is seen as a store of value and therefore a safe-haven investment in times of economic and political uncertainty when investors tend to sell riskier assets such as stocks.