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Gold prices surge in Dubai, will it rise further?

12 August 2017

Asian stocks slumped on Friday as tensions ramped up between the USA and North Korea, sending investors into less risky assets such as gold, the yen and US government bonds.

24k gold in Dubai is priced at Dh153.25, while 22k can be purchased at the rate of Dh144.

The Australian dollar, which rose to a 19-month high near 90.00 yen late in July, was down 0.6 percent at 86.77 yen after slipping to a one-month low of 86.23 yen.

Earlier in the session, it marked its highest since 8 June at $1,288.92 an ounce.

The dollar index .DXY rose 0.23 percent, with the euro EUR= down 0.39 percent to $1.1747. Secretary of State Rex Tillerson later insisted the US isn't signalling it's about to mete out a military response despite threats from North Korea suggesting it could attack Guam, a USA island territory in the Pacific.

Earlier on Wednesday, US stocks were trading lower after President Trump's warning to North Korea to "not make any more threats" is met by just that as North Korea ratcheted up tensions threatening missile strike action against US military installations near Guam. According to a report in the New York Times, Trump's "fire and fury" comment which dramatically escalated tensions between the United States and North Korea was... entirely improvised.

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Macy's sank 10.3 percent and Kohl's lost 5.8 percent.

Tensions increased further late in the NY session following comments by President Trump that the U.S. would respond to any threat with "fire and fury, the like of which the world has never seen". The umbrella financials group slipped 0.3 percent.

The ongoing standoff between North Korea and America has seen gold rise to a two-month high.

On the currency front, the U.S. dollar is trading at 108.82 yen compared to the 109.20 yen it fetched at the close of NY trading on Thursday.

Meanwhile, gold stocks bucked the downtrend, driving the NYSE Arca Gold Bugs Index up by 1.3%.

"The market hates uncertainty and that's certainly what we have now", said Ole Hansen, head of commodity strategy at Saxo Bank.

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Asian markets lower: Tokyo's Nikkei shed 1.3 per cent, Hong Kong's Hang Seng lost 0.4 per cent, and China's Shanghai Composite fell 0.2 per cent.

Housebuilders Persimmon, Taylor Wimpey and Barratt fell by 2.8 to 3% on weak house price data.

Shares of Kohl's were up 3.96 percent in premarket trading after the department store operator reported a rise in quarterly profit.

"When investors are optimistic to the extreme, it means that most of their money is already in the market and there's no more money coming in", Bruce Bittles, chief investment strategist at Robert W. Baird & Co in Sarasota, Florida. It soared over 2 per cent in the previous two sessions, and is set for a weekly gain of 2.25 per cent.

Ongoing global glut concerns lingered in oil markets despite a bigger-than-expected draw in USA crude inventories, leaving prices volatile.

Despite the past week's decline, the major indexes are in positive territory so far this year, led by the Nasdaq, which is up 16.2 percent.

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Gold prices surge in Dubai, will it rise further?