Gold price maintained gaining streak for the third consecutive trading
day to reach its highest price since November 2016 as geopolitical
tensions escalated due to a new North Korean missile launch.
Spot gold rose 0.6% to USD 1,316.90 per ounce as of 0314 GMT, after
earlier touching its highest since November 9 at USD 1,322.33.
Gold gained 1.4% in the previous session in its biggest one-day
percentage rise since mid-May.
US gold futures for December delivery were up 0.6% to USD 1,322.80 per ounce.
South Korea and Japan said the missile North Korea launched early on
Tuesday landed in Pacific waters east of Hokkaido after flying over the
northern Japanese island, in a sharp escalation of tensions on the
Korean peninsula.
Geopolitical tensions can boost demand for safe-haven assets such as
gold which is considered a good store of value during volatility in
other markets.
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