BENGALURU (Reuters) – Gold edged higher on Tuesday, supported by a ballistic missile test by North Korea and an easing dollar, but was still sitting near seven-week lows hit in the previous session.
North Korea test-launched a ballistic missile from its western region into the sea off its east coast on Tuesday, South Korea’s military said, ahead of a summit of leaders from the Group of 20 nations in Germany later this week.
“The North Korean missile launches are becoming second nature and the market look through them, but some jitters remain on escalation,” said Stephen Innes, head of trading APAC, OANDA in Singapore.
“(Though) not necessarily a strong buy gold signal, it has stopped the fall,” he added.
Spot gold rose 0.2 percent to $1,223.08 per ounce at 0417 GMT. On Monday, it fell 1.7 percent, its biggest one-day percentage loss since November, to touch a low of $1,218.31 an ounce, its weakest since May 11.
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