Gold prices regained some ground on Friday, pulling away from the previous session’s more than three-week lows as threats from North Korea encouraged investors
Gold Prices Regain Ground on North Korean Threats – Gold prices regained some ground on Friday, pulling away from the previous session’s more than three-week lows as threats from North Korea encouraged investors to flock to safe-haven assets. Market sentiment weakened after North Korean leader Kim Jong Un said on Friday that Pyongyang will consider the “highest level of hard-line countermeasure in history” against the U.S. in response to President Donald Trump’s threat to destroy the country. Shortly after, North Korea’s Foreign Minister Ri Yong Ho said his country could conduct a hydrogen bomb test in the Pacific Ocean of an unprecedented scale. In his first speech before the United Nations General Assembly on Tuesday, Trump said “the United States has great strength and patience, but if it is forced to defend itself and its allies, we will have no choice but to totally destroy North Korea.” The dollar had strengthened broadly after the Federal Reserve on Wednesday indicatedthat one more interest rate hike is likely this year and said it will begin to unwind its $4.5 trillion balance sheet in October. The greenback was also briefly supported by a string of upbeat reports U.S. jobless claimsand manufacturing activity in the Philadelphia area released on Thursday.
Crude Oil Up In Asia Ahead Of OPEC, Rig Count Data, NKorea Nuclear N – Crude oil prices rose in Asia on Friday as investors looked ahead to a meeting of OPEC and allied nations to review efforts to curb output and U.S. rig count later in the day as they digested an alarming report that North Korea could test a nuclear weapon over the Pacific Ocean. North Korean Foreigh Minister Ri Yong Ho said on Friday he believes the North could consider a hydrogen bomb test on the Pacific Ocean of an unprecedented scale, South Korea’s Yonhap news agency reported. Ri was speaking to reporters in New York when he was asked what North Korean leader Kim Jong Un had meant when he threatened in an earlier statement the “highest level of hard-line countermeasure in history” against the United States. Overnight, crude oil prices settled lower on Thursday as investors continued to weigh data showing a sharp rise in U.S. crude production and stockpiles ahead of an Opec meeting slated for Friday. The rocky week for crude prices continued as concerns over an uptick weekly crude supplies and production weighed on sentiment amid growing investor optimism on a possible extension to the Opec-led agreement to cut oil output. Members of the Organization of the Petroleum Exporting Countries and other major producers will meet Friday in Vienna to discuss the market impact of the production-cut agreement and progress toward rebalancing supply and demand.
Chile Copper Output to Grow Dramatically in Next Decade – Chile’s copper output may jump 20% in the next 10 years, growing from last year’s 5.50 million tonnes to 6.60 million tonnes by the year 2028, Chilean Mining Minister Williams said in an interview on Thursday. WBMS: World Copper Deficit Intensifies Sharply during Jan-Jul. Investment at mines increased 32% this year to $65 billion, boding well for the country’s mining industry. Copper Consumption to Grow as New Energy Vehicle Booms. Copper price gains are believed to have incentivized ore exploration in the world’s largest copper producing country.
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