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Gold prices rally amid renewed North Korea fears

| Updated: October 21, 2017 23:33:07


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Gold prices climbed to their strongest level in more than a week on Monday as renewed concerns over North Korea's nuclear ambitions stoked the safe-haven demand.

Spot gold was up 0.4 per cent at $1,279.99 an ounce by 0705 GMT, after earlier touching $1,284.97, its highest level since Sept. 29, reports Reuters.

US gold futures for December delivery gained 0.6 per cent to $1,282.40 per ounce.

The dollar held steady against the yen, having retreated from 12-week highs set last week, due to a renewed focus on geopolitical risks.

The precious metal might face initial resistance at around $1,285, the trader said.

But Reuters technical analyst Wang Tao said he sees the next resistance level for the precious metal at $1,299 after it breached $1,281, Reuters technical analyst Wang Tao said.

Speculators reduced their net long positions in COMEX gold and silver contracts for the third straight week, in the week to Oct. 3.

In other metals, silver was last up 0.7 per cent at $16.90 an ounce, having touched a nearly two-week high of $16.99 earlier.

Platinum and palladium were both up 0.5 per cent, at $917.50 and $924.65 an ounce, respectively.

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