Markets

Gold up on rising US-North Korea tensions

Gold up on rising US-North Korea tensions

U.K.'s FTSE 100, the German DAX and the French CAC 40 all dropped more than 2.3% this week.

Despite the past week's decline, the major indexes are in positive territory so far this year, led by the Nasdaq, which is up 16.2 percent.

Japanese financial markets will be closed Friday for a national holiday.

The CBOE Volatility Index, the most widely followed barometer of expected near-term United States stock market volatility, hit its highest mark since November 8, when Mr Trump was elected President of the US.

Global stock markets ended their worst week in months amid rising tensions between the US and North Korea, though usa stock indexes steadied on Friday to close up slightly.

The North Korea situation isn't the only thing weighing on stocks.

The dollar edged up about 0.1 percent to 110.16 yen, up from Wednesday's low of 109.56 yen, which was the dollar's lowest level since June 15.

Still, the S&P 500 is on track to post its biggest weekly loss in about nine months. The stock slid $9.41, or 5.7 percent, to $155.33.

In addition to the rising tensions between the United States and North Korea, markets were also responding-negatively-to some disappointing economic data points from the U.S. Labor Department on Thursday morning.

"If the US and South Korea carry out strikes and try to overthrow the North Korean regime and change the political pattern of the Korean Peninsula, China will prevent them from doing so", the editorial's authors said.

"The story today is North Korea and there was nothing in the earnings that was bullish enough to pull people away from focusing on North Korea", said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana. It fell to a one-week low of 92.99 a few minutes after the release of inflation figures.

In terms of forex market movements, the USA currency lost significant ground relative to majors including the yen, sterling and the euro - most notably the latter one - as the news on inflation went public.




Several indexes closed lower overnight.

"Gold and silver are higher thanks mainly to their status as safe-haven commodities". It was down 0.2 percent at 108.98 yen, after retreating 0.7 percent on Thursday.

The yen has also registered its biggest weekly gain since May against the dollar amid speculation that investors of Japan, as the biggest creditor nation, would repatriate their funds should a war break out.

Speculative positions in USA gold futures remain subdued, said UBS strategist Joni Teves.

Given the tensions between North Korea and the USA, I don't think investors will react at all to the reports.

The dollar was further weighed down on Friday by the soft US inflation data.

The yield on the benchmark 10-year U.S. Treasury note fell to 2.253 percent from its U.S. close of 2.282 percent on Tuesday.

On Thursday, New York Federal Reserve President William Dudley said he expects sluggish USA inflation to rise over the next several months while the hot labor market gets even hotter.

Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose 0.14% to $1,281.06 a troy ounce. This week has seen its biggest rise since June 2016.

Crude futures, meanwhile, extended losses on fears of slowing demand and lingering concerns over global oversupply. Gold climbed 0.63 percent, while Brent Crude dipped 0.52 percent to $51.87 a barrel.

The CBOE Volatility Index, a barometer of expected near-term stock market volatility, closed at its highest since the US presidential election on Thursday, but was down 1.22 points at 14.82 points on Friday.


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