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Gold jumps to 11-month high amid geopolitical tension

Xinhua | Updated: 2017-08-30 09:10

CHICAGO - Gold futures on the COMEX division of the New York Mercantile Exchange climbed on Tuesday to their highest level since last September as geopolitical tension flared around the Korean Peninsula.

The most active gold contract for December delivery rose $3.60, or 0.27 percent, to settle at $1,318.90 per ounce.

Gold prices extended their climb into a third session in a row as US President Donald Trump said "all options are on the table" after the Democratic People's Republic of Korea (DPRK) launched a missile that flew over Japan.

Japan said the DPRK fired on Tuesday morning a missile which fell into the Pacific Ocean after passing over the Japanese archipelago.

China called on all parties involved in the Korean Peninsula nuclear issue to refrain from provoking each other and raising tension.

Gold had already posted sharp gains on Monday as the US dollar further weakened amid Hurricane Harvey's destruction in Texas. The DPRK missile launch fed new geopolitical tensions and prompted investors to seek out haven assets such as gold.

However, the rise of gold futures was limited as the Dow Jones Industrial Average rallied. It rose 29.09 points, or 0.13 percent, to 21,837.49 as of 1830 GMT.

As for other precious metals, silver for September delivery fell 1.5 cents, or 0.09 percent, to close at $17.426 per ounce. Platinum for October delivery jumped $14.20, or 1.44 percent, to settle at $1003.50 per ounce.

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