Gold price spikes on North Korea tensions

New York (Sept 23)  Gold jumped from a four-month low on Friday as investors moved to safe-haven due to uncertainties caused by tensions between North Korea and the US.

 Bullion is often used as a refuge in times of political or economic turbulence while assets considered risky, such as stocks, are dumped.

 North Korea said on Friday it might test a hydrogen bomb in the Pacific Ocean after US President Donald Trump vowed to destroy the country, with leader Kim Jong Un promising to make a 'mentally deranged' Trump pay dearly for his threats.

 Spot gold was up 0.48% at USD 1,297.18 an ounce having hit a four-week low of USD 1,287.61 in the previous session. Bullion was down 1.7% for the week and was headed for a second weekly decline.

 US gold futures climbed 0.42% to USD 1,300.20 an ounce. Silver rose 0.06% to USD 16.96 an ounce, while platinum was down 0.43% to USD 931.50. Both metals were, however, set for a second weekly decline. Palladium rose 0.22% to USD 912.50 an ounce and was set for a third straight weekly loss.

HFL