Gold Prices Gain Slightly In Asia After NKorea Missile Test

Gold prices failed to get a significant boost in Asia on Wednesday after the latest
ballistic missile test by North Korea.
Overnight, gold prices pared gains on Tuesday as reports suggesting that North Korea
fired a ballistic missile failed to raise safe haven demand.
North Korea fired a ballistic missile from an area near Pyongyang early on Wednesday,
South Korea’s military said, while the Japanese government said it landed in the
country’s exclusive economic zone.
The Pentagon says initial the assessment of of the North Korea launch was an ICBM
and Japan PM Shinzo Abe ordered an emergency meeting of cabinet ministers over the
missile launch.
Also supporting gold prices were comments from Federal Reserve chair designate
Jerome Powell, who testified before Congress on Tuesday.
Powell’s comments did little to change the widely held view that the incoming Fed chair
will adopt a similar stance to outgoing Fed Chair Janet Yellen on monetary policy.
Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-
yielding assets such as bullion.




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