Forex Marketz Daily Forex News – Fully Markets Update
The price of gold contracts rose from its two low after the rogue nation North Korea fired another missile, intermediate range, over Japan. This act triggered the latest round of safe haven asset buying in the Asian financial markets while weighing on the US dollar.
As of 12:30 am GMT, the price of spot gold (XAU/USD) Spot gold was up 0.3 percent to $1,333.06 an ounce. This comes after the bullion fell to its lowest since August 31 at $1,315.71 in the previous Asian trade session.
US gold futures, for December delivery, rose 0.6 percent to $1,337.40 an ounce.
Other safe haven assets, in the currency markets, like the Japanese yen and the Swiss franc moved higher this morning after North Korea fired a missile over Japan. This missile landed in the Pacific Ocean. The US dollar index came under pressure. The index fell as did the dollar against the yen. The dollar/yen was last fetching 109.55.
Gold Traders watch North Korea
Overnight, North Korea fired a missile that flew over Japan’s northern Hokkaido. The missile flew far out into the Pacific Ocean, and landed. This is according to both South Korean and Japanese officials. This ended up increasing tensions after Pyongyang’s recent test of a hydrogen nuclear bomb. It’s most powerful to date.
In other economic news, US consumer prices accelerated in August. This comes amid a jump in the cost of gasoline and rental accommodation. There are signs of firming inflation, in the United States, that supported the argument for a December interest rate increase from the Federal Reserve.
US President Donald Trump will take his “America First” message to the United Nations next week. He is looking to seek support for tough measures against North Korea. He does have some skepticism regarding the value of international groups like the 193 member body at the UN.
