Gold firm on weak U.S. data, North Korea concerns

Reuters/Vijaykumar Vedala/05-15-17

Gold prices edged higher on Monday as weaker-than-expected economic data from the U.S. and a missile test by North Korea over the weekend pressured the dollar.

…North Korea said on Monday it had successfully conducted a newly developed mid-to-long range missile test on Sunday, supervised by leader Kim Jong Un and aimed at verifying the capability to carry a “large scale heavy nuclear warhead.”

“It (North Korea’s missile test) is underpinning support for gold but at the moment its obviously not escalated to the point where investors are becoming overly worried about,” said ANZ analyst Daniel Hynes.

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