Gold Nears 12-Month High on North Korea Concerns

Gold prices have spiked to their highest point in almost a year as safe-haven assets continue their march upwards against a backdrop of ongoing tensions surrounding North Korea and its nuclear program.The precious metal edged around 1 percent higher in early Monday trade, hitting $1,338.16 per troy ounce by 9:30 a.m. London time, to stand marginally shy of the 12-month peak of $1,338.48 reached on September 24 last year.Prices had pulled back slightly in later trade to hover around $1,334.48 by lunchtime in London.Gold’s rally has directionally tracked those of fellow safe-haven assets including the Japanese yen and Swiss franc during Monday’s session, following North Korea’s latest missile test over the weekend.

Source: Gold nears 12-month high on North Korea tensions but experts warn it could soon reverse

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.