Gold goes down in Asia after fresh UN sanctions on North Korea

Gold goes down in Asia after fresh UN sanctions on North Korea

On Tuesday, gold declined in Asia trade, with tensions on the Korean peninsula closely watched after fresh UN economic sanctions against North Korea turned to be weaker than expected.

In New York, gold futures slumped 0.43% trading at $1,329.96 a troy ounce.

The fresh UN sanctions on crude exports to North Korea are quite moderate versus the original US proposal as for crude exports, and it would be unlikely to have a strong impact on the operations of this isolated country’s military.

Overnight, the precious commodity was still on the downside because worries over the impact of Hurricane Irma as well as tensions with North Korea kept subsiding.

The greenback managed to regain some strength reacting to an official downgrading of Hurricane Irma’s strength to Category 1 because the storm hit Florida over the weekend having pummeled much of the Caribbean.

Huge storms have flooded areas across South Florida, ruining power lines and trees. It has left more than 2 million people without power.

 

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