Gold futures on the COMEX division of the New York Mercantile Exchange rose to their highest in nearly 11 weeks on Monday, with investors flocking to the perceived safety of the precious metal amid escalating tensions between the United States and the Democratic People's Republic of Korea (DPRK).
The most active gold contract for December delivery went up 5.1 dollars, or 0.39 percent, to settle at 1,296.70 dollars per ounce.
Investors braced for DPRK's response to computer-simulated military exercises begun by South Korean and U.S. forces on Monday that will continue until Aug. 31.
Pyongyang warned that the military exercises are "reckless behavior driving the situation into the uncontrollable phase of a nuclear war."
Traders and investors also took positions ahead of the three-day economic policy symposium of global central bankers hosted by the Federal Reserve Bank of Kansas City in Jackson Hole of Wyoming beginning Thursday. They will be looking for hints from central bankers on any changes to monetary policy.
As for other precious metals, silver for September delivery rose 1.5 cents, or 0.09 percent, to close at 17.015 dollars per ounce. Platinum for October rose 3.1 dollars, or 0.32 percent, to settle at 985.5 dollars per ounce. Enditem
The most active gold contract for December delivery went up 5.1 dollars, or 0.39 percent, to settle at 1,296.70 dollars per ounce.
Investors braced for DPRK's response to computer-simulated military exercises begun by South Korean and U.S. forces on Monday that will continue until Aug. 31.
Pyongyang warned that the military exercises are "reckless behavior driving the situation into the uncontrollable phase of a nuclear war."
Traders and investors also took positions ahead of the three-day economic policy symposium of global central bankers hosted by the Federal Reserve Bank of Kansas City in Jackson Hole of Wyoming beginning Thursday. They will be looking for hints from central bankers on any changes to monetary policy.
As for other precious metals, silver for September delivery rose 1.5 cents, or 0.09 percent, to close at 17.015 dollars per ounce. Platinum for October rose 3.1 dollars, or 0.32 percent, to settle at 985.5 dollars per ounce. Enditem
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