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Gold up after North Korea fires yet another missile

Reuters 

(Reuters) - Gold rose on Friday to pull further away from a two-week low, after North Korea fired another missile over Japan, triggering the latest round of safe-haven buying in markets while weighing on the dollar.

FUNDAMENTALS

* Spot gold was up 0.3 percent to $1,333.06 an ounce by 0020 GMT, after dropping to its lowest since Aug. 31 at $1,315.71 in the previous session.

* U.S. gold futures for December delivery gained 0.6 percent to $1,337.40 an ounce.

* The yen and the Swiss franc edged higher on Friday after North Korea fired a missile over into the Pacific Ocean. [FRX/]

* The dollar fell to as low as 109.55 yen in early Asian trade. [USD/]

* North Korea fired a missile on Friday that flew over Japan's northern Hokkaido far out into the Pacific Ocean, South Korean and Japanese officials said, further ratcheting up tensions after Pyongyang's recent test of a powerful nuclear bomb.

* U.S. consumer prices accelerated in August amid a jump in the cost of gasoline and rental accommodation, signs of firming inflation that boosted the probability of an interest rate increase from the Federal Reserve in December.

* President Donald Trump will take his "America First" message to the United Nations next week and seek support for tough measures against North Korea despite his skepticism about the value of international groups like the 193-member body.

* The Bank of England said it was likely to raise interest rates in the coming months if the economy and price pressures keep growing, giving its clearest signal to date that Britain's first rate hike in a decade is approaching.

* With the euro zone's economy finally growing, the time for the European Central Bank to reduce its monetary stimulus may be nearing, speeches by three ECB policymakers suggested on Thursday.

* Inflation in the euro zone appears to have bottomed out, European Central Bank policymaker Jan Smets said on Thursday.

* China posted a rare flurry of disappointing data on Thursday -- including its slowest growth in investment in nearly 18 years -- suggesting the world's second-largest economy is finally starting to lose some momentum as borrowing costs rise.

(Reporting by Apeksha Nair in Bengaluru)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, September 15 2017. 07:04 IST
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