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Gold at 11-month high as North Korea missile sparks safe-haven flight

Published 08/29/2017, 08:12 AM
© Reuters. Gold at 11-month high as North Korea missile sparks safe-haven flight
  • Gold prices continue to rise as tensions stemming from North Korea's latest missile launch sparked demand for safe-haven assets, +0.9% to $1,326.50/oz. after earlier climbing as high as $1,329.70.
  • “There [are] increasing expectations for Pres. Trump to counter-react to the North Korean aggression, which may further propel the price upwards,” says Sun Global Investments CEO Mihir Kapadia.
  • Even before the North Korea news, Comex gold had closed above $1,300 for the first time since last September.
  • "Since [gold] broke the $1,300 resistance, I think the market really changed," says Yuichi Ikemizu, Tokyo branch manager at ICBC Standard Bank. "I don't think gold will be going back to $1,200 any more... there's more bullish factors in this market."
  • The route to $1,375 - roughly where gold peaked in August 2016 - looks “wide open," according to trader Petros Steriotis.
  • DailyFx’s John Kicklighter calls the spike a "very impressive development - extending this meaningful technical break and showing that there is perhaps a greater degree of conviction here."
  • Some premarket gainers: HMY +5.9%, AU +4.1%, IAG +3.5%, KGC +3.4%, AUY +3.1%, GFI +3%, EXK +2.4%, GG +2.2%, NG +2.1%, AG +2%, GDX +1.9%, ABX +1.8%, GOLD +1.7%, NEM +1.7%, GLD +0.7%.
  • Now read: IAMGOLD Makes A Major Discovery

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