NEW YORK, Sept. 25 (Reuters) – COMEX gold futures climbed on Monday, after North Korea’s foreign ministry, said US President Trump’s recent remarks were equivalent to war on the DPRK.
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New York December gold futures ended higher after the announcement, New York time on September 25 13:30 (Beijing time on September 26 01:30), COMEX December gold futures closed up $ 14.0 or 1.1%, the settlement price $ 1,311.50 an ounce.
Last week, gold recorded the worst weekly performance since early July and has been declining for several weeks after reaching more than a year earlier this month.
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North Korea’s foreign minister, Li Yonghao, said US President Trump’s remarks were clearly a declaration of war against North Korea, and that country retained its power to shoot down US strategic bombers in its airspace.
White House spokesman Sanders said North Korea’s remarks were “ridiculous” and the United States did not declare war on North Korea.
Monday’s remarks sparked a hedge demand for gold and other assets, and gold was favored when geopolitical lack of stability.
“The gold market will remain limited due to the impact of the North Korean situation,” said Jim Wyckoff, senior analyst at Kitco Metals.
Li Yonghao made a speech before the gold slightly, after investors did not care about the weekend issued a warning.
In the German election on the weekend, Prime Minister Merkel won the re-election, but the right-wing political party support rate soared. Meckel led the Conservative Party’s support rate unexpectedly dropped to the lowest since 1949, the disintegration of the coalition government in the Social Democratic Party said it would switch to the opposition camp.
Many analysts have said that the future geopolitical conflict will provide support for gold prices. The recent contradiction between the United States and Iran has also been warming.
This week investors will focus on a series of speeches issued by officials of the Fed, hoping to find clues about the future monetary policy of the central bank.
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Gold prices fell last week, as the Federal Reserve monetary policy meeting said December interest rate is still one of the options, and to maintain next year’s interest rate path is expected to remain unchanged.
At the end of the Federal Reserve’s latest monetary policy meeting, the dollar rose, and gold for dollar-denominated gold would be more expensive for buyers holding other currencies.
“Said the Federal Reserve last week that it was the most hawkist that I had heard over a period of time,” said Bob Haberkorn, senior market strategist at RJO Futures.
In other precious metals markets, the December silver contract closed up 16.3 cents at $ 17.147 an ounce.
October platinum futures closed up $ 8.1, settled at $ 940.2 an ounce.
December palladium futures closed down $ 10.15 at $ 909.70 an ounce.
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