Gold soars to nine-and-half months high

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.

 

BUY GOLD ABOVE  29800 TGT  29860-30040-30160 SL BELOW 29720 CMP 29800

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