MTECHTIPS;-Gold prices at 2-month highs as geopolitical tensions escalate


MTECHTIPS;-Gold prices at 2-month highs as geopolitical tensions escalate

MTECHTIPS-Gold prices were hovering at two-month highs on Friday, as mounting tensions between the U.S. and North Korea continued to support strong demand for safe-haven assets. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were steady at $1,291.15, just off a two-month peak of $1.294,60 hit overnight. The December contract ended Thursday’s session 0.84% higher at $1,290.10 an ounce. Futures were likely to find support at $1,280.30, Thursday’s low and resistance at $1,297.60, the high of June 7. The precious metal remained supported as tensions escalated between Washington and Pyongyang after U.S. President Donald Trump warned the peninsula on Thursday against attacking Guam or U.S. allies. North Korea’s state media had earlier said that Pyongyang will develop a plan by mid-August to launch intermediate-range missiles at the U.S. territory of Guam. In an attempt to dial down the aggressive rhetoric, US Defense Secretary James Mattie said war would be “catastrophic” and that diplomacy was gaining results

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