Gold edges higher on weaker dollar, North Korea fears

Gold edges higher on weaker dollar, North Korea fears”

Gold prices started the week on the back foot on Monday, moving away from their strongest level in more than a year as investor concern over a standoff between the US and North Korea eased.

Gold prices edged higher on Wednesday, underpinned by tensions over North Korea, as investors looked ahead to US inflation data on Thursday that should give clues about the pace of USA interest rate rises.

Global bond yields moved higher which also tended to erode support for gold while overall risk appetite held firm with European equities making fresh headway.

NEW YORK/LONDON, Sept 12 (Reuters) - Gold bounced up from the lowest level in more than a week on Tuesday as the dollar pared gains and U.S. President Donald Trump said United Nations sanctions on North Korea are "nothing compared to what ultimately will have to happen".

Comex were at $1,339.96 a troy ounce by 2:40AM ET (0640GMT), down $11.30, or around 0.9%, and well below Friday's peak of $1,362.40, which was the best level since August 3, 2016.

Gold traders also shifted their focus on USA inflation reports later this week and their potential impact on Federal Reserve policy.

At 0737 GMT, the futures contract is trading $1336.10, up $3.40 or +0.26%. If the shift goes back to safe-haven assets then gold will rally.

Risk sentiment received a further boost after Hurricane Irma struck the USA southeast with, scaling back estimates for economic damage. On Wednesday, traders will get the chance to react to the latest on Producer Inflation.

The, which measures the greenback's strength against a trade-weighted basket of six major currencies, was nearly 0.3% higher at 91.55, after skidding to a 2-1/2-year low of 90.99 on Friday. This will lead to further weakness in gold. Yields are expected to come in at 2.82 percent.

Jeff Christian, managing director for New York-based research consultancy CPM Group says gold is headed much higher in the next three years.

Investors in gold-backed exchange-traded funds (ETFs) were buying as prices fell.

The best scenario for gold bulls will be lower Treasury yields and a drop in stock prices.

Of course, North Korea remains a wildcard, but right now it seems risks are subsiding.

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