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  1. Gold slips on firmer dollar, but North Korea worries offer support

Gold slips on firmer dollar, but North Korea worries offer support

Gold prices edged down on Tuesday, after hitting a five-month high in the previous session, on a firmer dollar and higher U.S. Treasury yields, but simmering geopolitical tensions over North Korea continued to offer support.

By: | Published: April 18, 2017 7:22 AM
Spot gold had inched down 0.1 percent to ,282.81 per ounce by 0047 GMT, after hitting its highest since early November at ,295.42 in the prior session. (Reuters)

Gold prices edged down on Tuesday, after hitting a five-month high in the previous session, on a firmer dollar and higher U.S. Treasury yields, but simmering geopolitical tensions over North Korea continued to offer support. Spot gold had inched down 0.1 percent to $1,282.81 per ounce by 0047 GMT, after hitting its highest since early November at $1,295.42 in the prior session. U.S. gold futures were down 0.5 percent at $1,285.20. U.S. Vice President Mike Pence warned North Korea on Monday that recent American military strikes in Syria and Afghanistan showed President Donald Trump’s resolve should not be questioned, but Pyongyang vowed to continue missile and nuclear tests.

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With the first round of France’s presidential election on April 23, an unpredictable outcome is pushing some pollsters to calculate the most extreme runoff scenarios. The Atlanta and New York Federal Reserve banks downgraded their outlook for U.S. economic growth for the first quarter after disappointing data on retail sales and consumer prices in March.

The U.S. dollar steadied after Treasury Secretary Steven Mnuchin said U.S. President Donald Trump’s recent remarks that the dollar is getting too strong were about the short term. U.S. Treasury yields rose from five-month lows as stocks gained, reducing demand for safe-haven debt, and on reports that the Trump administration is likely to nominate a bank-friendly official as the Fed’s vice chairman for bank supervision.

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