Gold settled at a nearly two-week high Monday after more show of nuclear strength from North Korea, while platinum, copper and silver advanced, finding traction after weekend comments from China about a boost in infrastructure projects.
“Some geopolitical concerns have given a positive hand to the metal: a successful missile test in North Korea and cyber-attacks around the world,” said Bill Baruch, chief market strategist at iiTRADER, in his latest commentary.
North Korea said Monday it had successfully conducted a newly developed mid- to long-range missile test on Sunday aimed at verifying the capability to carry a “large scale heavy nuclear warhead,” according to Reuters, citing state media.
Gold for June GCM7, +0.28% rose by $2.30, or 0.2%, to settle at $1,230 an ounce.
July platinum PLN7, +1.54% climbed $11.20, or 1.2%, to a two-week settlement high of $928.70 an ounce.
Gold trades higher on North Korea geopolitical tensions, good to buy on dips
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as declared in Gold rises to one-week highInvesting.com – Gold prices were higher in North American trade on Monday, trying for its fourth-straight winning session as a weaker U.S. dollar and another missile test by North Korea underpinned demand for the yellow metal. Gold settled at a nearly two-week high Monday after more show of nuclear strength from North Korea, while platinum copper and silver advanced about a boost in infrastructure projects.
Comex rose around $6.00, or about 0.5%, to $1,233.50 a troy ounce by 8:05AM ET (12:05GMT).
Also on the Comex, gained 35.0 cents, or about 2.1%, to $16.75 a troy ounce, a level not seen since May 3.
Elsewhere in metals trading, jumped 1.8% to around a two-week high of $934.00, while added 1.1% to $812.70 an ounce.
The industrial metals were boosted after Chinese President Xi Jinping over the weekend to support its “Belt and Road” infrastructure mega-program.