Bengaluru — Gold inched up on Friday as North Korea’s latest missile launch over Japan triggered safe-haven buying, but gains were limited as strong US inflation data raised the spectre of another interest rate hike. Spot gold edged up 0.1% to $1,330.79 an ounce by 3.21am GMT, after dropping to its lowest since August 31 at $1,315.71 in the previous session. The metal was, however, down 1% for the week, and on track to mark its first weekly decline in four. US gold futures for December delivery gained 0.4% to $1,334.80 an ounce. North Korea fired a missile on Friday that flew over Japan’s northern island of Hokkaido far out into the Pacific Ocean, South Korean and Japanese officials said, further ratcheting up tension after Pyongyang’s recent test of a powerful nuclear bomb. Geopolitical risks can boost demand for safe-haven assets such as gold and the yen. The yen held steady against the dollar on Friday, after earlier having risen on the news, with further losses for the greenback...
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.