September 5, 2017 / 4:40 AM / 20 days ago

PRECIOUS-Gold edges up, hovers near 1-year high on haven demand

    * Spot gold still targets $1,345/oz- technicals
    * Palladium off its highest since Feb. 2001 touched Monday
    * N.Korea seen moving ICBM- S.Korean media

 (Updates prices)
    By Apeksha Nair
    Sept 5 (Reuters) - Gold prices edged up on Tuesday, hovering
around their highest levels in nearly a year, as North Korea's
most powerful nuclear test to date underpinned haven demand for
the precious metal. 
    Spot gold        was up 0.1 percent at $1,335.36 per ounce
as of 0700 GMT after touching its strongest since late September
in the previous session.
    U.S. gold futures         for December delivery were up 0.8
percent at $1,340.80.
    "Safe-haven buying's been fairly strong over the past few
days but there's still a level of uncertainty about what the
North Korean crisis will mean for markets," ANZ analyst Daniel
Hynes said.
    Stock markets were under pressure on Tuesday following a
global selloff the previous day in the wake of North Korea's
nuclear test, while the dollar slipped against the yen and 
Swiss franc amid signs the North could conduct more missile
tests.                   
    North Korea has been observed moving what appeared to be an
intercontinental ballistic missile (ICBM) towards its west
coast, South Korea's Asia Business Daily reported on Tuesday,
citing an unidentified intelligence source.             
    The United States accused North Korea's trading partners on
Monday of aiding its nuclear ambitions and the White House
declared that "all options to address the North Korean threat
are on the table."             
    "Gold prices continued to point north this morning,
suggesting that risk appetite remains underwater," OCBC analyst
Barnabas Gan said. "Concerns over geopolitical tensions will
likely dominate sentiments for the week ahead." 
    Gold is used as an alternative investment during times of
political and financial uncertainty.
    Spot gold still targets $1,345 per ounce, as it has cleared
a resistance at $1,333, Reuters technical analyst Wang Tao said.
            
    Among other precious metals, silver        slipped 0.1
percent to $17.87 an ounce, while platinum        was unchanged
at $1,007.05 an ounce.
    Palladium        was up 0.1 percent at $978.47 after
reaching its peak since February 2001 at $1,001 in the previous
session.

 (Reporting by Apeksha Nair in Bengaluru; Editing by Biju
Dwarakanath and Subhranshu Sahu)
  

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