Gold prices slipped on Tuesday, pressured by a stronger dollar, while investors focused on North Korea tensions and remained cautious ahead of an annual central banking meeting in Jackson Hole later this week. Spot gold was down 0.4 percent at $1,285.48 an ounce, as of 0728 GMT, after ending 0.5 percent higher in the previous session.
US gold futures for December delivery fell 0.6 percent to $1,289.10 per ounce. "The US and South Korea's military training will probably induce some move from North Korea. I think people are getting ready for any move so that's why gold came back up yesterday," said Yuichi Ikemizu, Tokyo branch manager at ICBC Standard Bank.
The United States and South Korea began long-planned joint military exercises on Monday, heightening tensions with North Korea, which called the drills a "reckless" step toward nuclear conflict. Spot gold may retest a support at $1,282 per ounce, as its correction from the August 18 high of $1,300.80 has not completed, said Reuters technical analyst Wang Tao.
Comments
Comments are closed.