Bengaluru — Gold prices on Monday held around their highest in nearly seven weeks as tension on the Korean peninsula boosted safe-haven demand for the metal and as the dollar hovered close to multimonth lows.The US flew two supersonic B-1B bombers over the Korean peninsula in a show of force on Sunday and the US ambassador to the UN said China, Japan and South Korea needed to do more after Pyongyang’s latest missile tests."I think [the market] is cautious about the situation in North Korea and investors tend to go long on gold [at times like these]," said Yuichi Ikemizu, Tokyo branch manager at ICBC Standard Bank. "I think gold will stay firm this week." Spot gold hit its highest since June 14 at $1,270.98/oz in early trade, but was steady on the day at $1,268.55/oz at 2.38am GMT. It gained about 1.1% last week in its third consecutive weekly gain.US gold futures for August delivery on Monday inched up 0.03% to $1,268.80/oz. "Due to the ongoing summer holidays [in Asia], markets are...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.