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Gold Hits One-Year Highs After North Korea Test Provokes A Shift to Safe Havens

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Sep, 04th 09:59

Gold futures prices jumped on Monday as investors flocked into safe-haven assets after North Korea tested a nuclear bomb over the weekend.

Gold for September delivery climbed 0.8 percent to trade at $ 1,335.30 an ounce, retreating a little bit after having briefly hitting the highest level since September 11th,  2016 at as high as $1339.00. The precious metal was supported after reports that North Korea conducted a sixth and significantly larger hydrogen-bomb test than seen before on Sunday.

South Korea’s Defense Ministry on Monday reported that Pyongyang is making preparations for the possible launch of another intercontinental ballistic missile. The next weapons test is forecast to be processed around Sept. 9, when North Korea marks the anniversary of its foundation in 1948.

The move stepped up pressure on U.S. President Donald Trump and reignited the word war which exploded last month following a Washington Post report on North Korea’s nuclear capabilities in early-August. U.S. Defense Secretary James Mattis on Sunday warned North Korea that the U.S. and its allies “have many military options,” saying that any attacks on the U.S., Japan or South Korea “will be met with a massive military response.”

The U.N. Security Council will hold an emergency meeting on Monday.

Global shares suffered a sell-off in both Asian and European trading sessions. Futures on the S&P 500 Index also declined.

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