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Gold Rallies on Risk Aversion Caused by North Korean Missile Launch

July 4, 2017 at 22:55 by Vladimir Vyun

Gold rallied today on the news about another missile test by North Korea. The nation announced that it was the first successful test of an intercontinental missile. It happened just days before leaders of the Group of Twenty will meet to discuss ways to reign North Korea’s weapon program.

While risk aversion caused impulse buying, fundamentals remained largely negative to the metal. The CFTC Commitments of Traders showed that hedge funds reduced their long positions on gold and silver for third straight week.

August futures for delivery of gold gained 0.43% to $1,224.4 per troy ounce as of 23:49 GMT on COMEX today. September contract for silver ticked up 0.05% to $16.1 per ounce.

If you have any questions and comments on the commodities today, use the form below to reply.

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