Gold prices, on Friday, August 11, held steady after touching their highest in more than two months on Friday, as rising tensions between the United States and North Korea
triggered safe-haven buying.
“Much of the rally (in gold) is because of the increased safe-haven demand,” said OCBC Bank analyst Barnabas Gan.
Geopolitical risks can boost demand for assets considered safe-haven investments, such as gold.
Spot gold inched down 0.1 percent to $1,284.64 per ounce as of 0616 GMT, but was set for a weekly gain of over 2 percent.
Earlier in the session, it marked its highest since June 8 at $1,288.92 an ounce.
U.S. gold futures for December delivery was mostly unchanged at $1,290.50 per ounce.
“Traders should closely watch global equities today, with further falls and risk aversion likely pumping more safe-haven flows into precious metals,” said Jeffrey Halley, a senior
market analyst at OANDA.
Asian equity markets extended a global slide on Friday, ending investors fleeing to less risky assets such the yen, the Swiss franc and U.S. Treasuries.
Silver edged down 0.3 percent to $17.04 per ounce after hitting $17.24, its highest since June 14, in the previous session. It was on course for an over 5 percent weekly rise, the
highest such gain since July 2016.
Platinum climbed 0.4 percent to $980.10 per ounce after touching $984.60 during the session, its highest since April 18. It was up about 2 percent for the week so far.
Palladium climbed 0.3 percent to $898.80 per ounce and was on track to end the week 2.3-percent higher.
