Investing.com – Gold prices rose sharply on Monday as escalating geopolitical tensions on the Korean Peninsula fuelled safe-haven demand after North Korean Foreign minister Ri Yong Ho warned that Pyongyang has the right to “shoot down U.S. bombers”.
for December delivery on the Comex division of the New York Mercantile Exchange rose by $14.07, or 1.08%, to $1,311.54 a troy ounce.
“The whole world should clearly remember it was the US who first declared war on our country.” North Korea Foreign Minister Ri Yong said in reference to President Donald Trump’s tweet that “North Korea won’t be around much longer”.
“Since the United States declared war on our country, we will have every right to make countermeasures, including the right to shoot down United States strategic bombers even when they are not inside the airspace border of our country,” Ri said.
The strong start to the week for gold comes after the precious metal slipped to a second-straight weekly loss last week as traders unwound some of their bullish bets on the gold.
Net bullish bets on gold fell to 236,100, according to a report from the Commodity Futures Trading Commission (CFTC) on Friday.
Demand for the precious metal, however, could come under pressure during the week as a flurry of Federal Reserve speakers are slated to deliver speeches including the central bank’s chair Janet Yellen on Tuesday.
Following the conclusion of its two-day policy meeting last week, the Federal Reserve signalled that a year-end rate hike remained appropriate.
In a rising interest rate environment, investor appetite for gold weakens as the opportunity cost of holding the precious metal increases relative to other interest-bearing assets such as bonds.
In other precious metal trade, gained 1.01% to $17.16 a troy ounce while added 0.62% to $942.00.
traded at $2.94, down 0.25% while fell by 1.13% to $2.99.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
for December delivery on the Comex division of the New York Mercantile Exchange rose by $14.07, or 1.08%, to $1,311.54 a troy ounce.
“The whole world should clearly remember it was the US who first declared war on our country.” North Korea Foreign Minister Ri Yong said in reference to President Donald Trump’s tweet that “North Korea won’t be around much longer”.
“Since the United States declared war on our country, we will have every right to make countermeasures, including the right to shoot down United States strategic bombers even when they are not inside the airspace border of our country,” Ri said.
The strong start to the week for gold comes after the precious metal slipped to a second-straight weekly loss last week as traders unwound some of their bullish bets on the gold.
Net bullish bets on gold fell to 236,100, according to a report from the Commodity Futures Trading Commission (CFTC) on Friday.
Demand for the precious metal, however, could come under pressure during the week as a flurry of Federal Reserve speakers are slated to deliver speeches including the central bank’s chair Janet Yellen on Tuesday.
Following the conclusion of its two-day policy meeting last week, the Federal Reserve signalled that a year-end rate hike remained appropriate.
In a rising interest rate environment, investor appetite for gold weakens as the opportunity cost of holding the precious metal increases relative to other interest-bearing assets such as bonds.
In other precious metal trade, gained 1.01% to $17.16 a troy ounce while added 0.62% to $942.00.
traded at $2.94, down 0.25% while fell by 1.13% to $2.99.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
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