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Commodities – Gold Prices Move Higher as Geopolitical Risks Resurface – Investing.com

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© Reuters. Gold prices bounce back on North Korean provocation© Reuters. Gold prices bounce back on North Korean provocation

Investing.com – Gold prices prices moved higher on Friday, as geopolitical risks emerged following news North Korea executed a new missile test, bringing once again to the forefront ongoing tensions between the peninsula and the rest of the world.

Comex were up $4.65 or about 0.36% at $1,333.85 a troy ounce by 03:00 a.m. ET (07:00 GMT).

Demand for safe-haven assets strengthened following news into the Pacific Ocean late Thursday. It was the peninsula’s second missile launch over Japanese territory in just over two weeks.

Japan reacted by saying that Pyongyang has “no bright future” and called for an emergency meeting of the U.N. security council.

U.S. Secretary of State Rex Tillerson called for the international community to take “new measures” against North Korea, singling out Russia and China as the countries best placed to apply pressure on the regime.

Gold prices had briefly weakened on Thursday after the U.S. Commerce Department reported that consumer price inflation .

The strong inflation data added was seen as increasing the chances of an additional rate hike by the Federal Reserve this year.

A separate report showed that initial jobless claims unexpectedly declined to last week.

Investors were eyeing reports on U.S. retail sales, industrial production and consumer sentiment, due later Friday for further indications on the strength of the economy.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, wassteady at 92.09 on Friday morning.

Gold is sensitive to moves in the dollar. A stronger dollar makes gold more expensive for holders of foreign currency.

Elsewhere on the Comex, gained 0.37% to $17.83 a troy ounce.

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