Gold edges up in Asia as North Korea risks surge

Gold edges up in Asia as North Korea risks surge

On Thursday, gold rallied in Asia, with remarks from American ambassador to the UN Nikki Haley proposing a complete oil embargo on North Korea, thus driving risk concerns.

December delivery gold futures edged up 0.17% in New York being worth $1,284.27 a troy ounce.

In November, China's manufacturing PMI tacked on to 51.8, demonstrating a faster pace than anticipated 51.4, while non-manufacturing edged up to 54.8 from October’s outcome of 54.3, as official data issued on Thursday unveiled.

Overnight, the number one precious metal was suppressed because Treasury yields gained on hawkish remarks from Fed Chair Janet Yellen as well as positive economic data.

On Wednesday, Fed Chair Janet Yellen told that the US major financial institution would keep lifting rates amid worries of the US economy overheating. Traders considered her comments to be hawkish enough, prompting an ascend in the US dollar.  

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