Gold rallies in Asia on renewed North Korea tensions

Gold rallies in Asia on renewed North Korea tensions

On Tuesday, gold soared in Asia, with risk increased because Donald Trump accused North Korea of being a state sponsor of terrorism.

December delivery gold futures tacked on 0.36% trading at $1,279.92 a troy ounce.

Overnight, the number one precious metal went down because a tumble in the common currency amid strengthening political uncertainty in Germany pushed the greenback to a nearly one-week maximum, thus dampening demand for gold.

On Monday, Chancellor Angela Merkel told that she would opt for new elections rather than lead a minority government after negotiations to form Germany’s next government failed overnight.

It generated worries over Merkel’s future leadership position, putting pressure on the euro, while backing an uptick in the evergreen buck to trade higher against a basket of major currencies.

As the Fed’s December 12-13 gathering is getting closer, there’re strong expectations that the US major financial institution will lift rates.

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