News Worms
News Worms

Gold On Verge Of $1300 After North Korea Threats

Gold On Verge Of $1300 After North Korea Threats

Overnight, the Dow added to losses from the prior session on Wednesday, as investors fled risky assets amid rising geopolitical tensions after North Korea ignored President Trump's warning that further threats to the United stated "will be met with fire and fury".

At 10:57 a.m. ET (1457 GMT), the Dow Jones Industrial Average .DJI was up 54.38 points, or 0.25 percent, at 21,898.39, the S&P 500 .SPX was up 8.69 points, or 0.35 percent, at 2,446.90.

He goes on to say: "In all likelihood the North Korea problem will persist for years to come, with the U.S, and increasingly China, attempting to contain and restrain Kim Jong-un". With the sell-off on the day, the Nasdaq and the S&P 500 fell to their lowest closing levels in a month.

"What has changed this time is that the scary threats and war of words between the US and North Korea have intensified to the point that markets can't ignore it", said Shane Oliver, head of investment strategy at AMP Capital in Sydney.

A Reuters Datastream index of more than 7,000 stocks across the globe saw its market capitalization drop from a record high $61.36 trillion on Monday to $60.43 trillion at the close on Thursday.

But the yen added to an already-strong weekly rally of close to 1.5 percent, hitting its highest in nearly four months versus the dollar at 108.73 yen.

At the very least I think the last three days show that the market's character has changed from indifference to something more emotional.

USA crude was down 0.9 percent at $48.16 per barrel, on track for a weekly loss of 2.9 percent. "Gold and silver are higher, thanks mainly to their status as safe-haven commodities".

Appetite for haven assets continued to support gold, which rose 0.3% Friday to $1,293.70 a troy ounce. Chinese blue chips.CSI300 closed flat but Hong Kong's Hang Seng fell 0.4 percent.HSI.

Stocks are falling in midday trading on Wall Street, led by declines in technology companies and banks. Alliance Data Systems fell $6.28, or 2.7 percent, to $225.64. The 30-year bond was last up 4/32 in price to yield 2.7871 per cent, from 2.794 per cent late on Thursday.

When Japanese traders get back to their desks Monday, stocks will need to catch up with Friday's regional weakness and the yen's recent gains against the dollar, up 1.5% on the week. Yesterday, the TICK opened at around 900-a reading of 1,000 or more means pretty severe selling pressure-and then headed higher throughout the day.

In bond markets, the yield in U.S. Treasuries fell, also pressured by the lowered expectations for a Fed move.

United States producer prices unexpectedly recorded their biggest drop in almost a year, and the number of Americans filing for unemployment benefits unexpectedly rose last week. Bent crude LCOc1, the global benchmark, rose 19 cents to $52.33 a barrel.


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