Gold falls after US dismisses second N Korea test
Gold, which some investors buy as a hedge against inflation, has dropped 22 percent from a 26-year high of 730.40 dollar on May 12.
By Agencies |
MELBOURNE: Gold declined in Asia, wiping out earlier gains after the U.S. dismissed a report that North Korea had conducted a second nuclear test.
Gold for immediate delivery fell 2.60 dollar, or 0.45 percent, to 570.40 dollar an ounce. It rose 2.80 dollar to 575.80 following the Nippon Television report.
The White House said no new seismic activity had been detected in North Korea. Japan's Nippon Television Network, HAD said the country had detonated a second atomic bomb after North Korea reported a first test on Oct. 9. Some investors buy gold as a haven at times of political uncertainty.
Gold, which some investors buy as a hedge against inflation, has dropped 22 percent from a 26-year high of 730.40 dollar on May 12.
Oil prices are trading near an eight-month low today after Saudi Arabia told customers in Europe and Asia that it will maintain shipments amid a seasonal drop in demand.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
