Trade Magnates -With the tension rising between the U.S. and North Korea, Gold prices started the week on a bullish note.
President Donald Trump, has embedded within his comments “only one thing will work” that a military action might be one of his choices. In response, King Jong Un, North Korea’s leader said about his nuclear weapons “a powerful deterrent”, state media reported on Sunday.
Heating up the tension between the two countries, a Russian lawmaker has said that North Korea is preparing to test launch a missile that can hit the U.S. right after his return from visiting Pyongyang.
The Gold has lost around 0.8% last week in its fourth weekly decline. Gold prices have been threatened in recent weeks amid optimism of growing expectations of Federal Reserve rate hike in December. Investors will keep their eyes on minutes of the Federal Reserve’s latest policy meeting in the week ahead speculating the next U.S. rate hike as well as on the U.S. economic reports, particularly the inflation data report this Friday.
Comex Gold futures tacked on $1,283.89 a troy ounce by 06:45GMT. All electronic transactions will be booked with Tuesday’s trades as the trading floor on Comex will be closed today because of the Columbus Day holiday in the U.S.