MTECHTIPS;-Gold at 2-month highs as geopolitical tensions remain

MTECHTIPS;-Gold at 2-month highs as geopolitical tensions remain

MTECHTIPS-Gold prices jumped to two-month highs Thursday, as geopolitical tensions between the U.S. and North Korea remained while a duo of disappointing U.S. economic reports weighed on the dollar, lifting demand for the precious metal. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose $11.41, or 0.89%, to $1,290.69 a troy ounce. Risk aversion continued for the second day in a row, lifting demand for the safe-haven gold, a day after North Korea said it was “carefully examining” a plan to strike Guam, where a U.S. military base is located. The release of inflation and initial jobless claims data failed to offset the flight to safety as both reports undershot expectations, stoking uncertainty over the Fed’s ability to raise rates later this year. The producer-price index fell 0.1% in July, the Labor Department said Thursday, the first drop since last August. The core rate, which excludes volatile categories of food, energy and trade, was flat in the month. Meanwhile, initial claims for state unemployment benefits increased 3,000 to a seasonally adjusted 244,000 for the week ended August 5, the Labor Department said on Thursday

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