Gold futures pulled up by retreating dollar but still close to seven-week low; North Korean missile also weighed

Gold price factors

The price of gold traded on the green on Tuesday’s session led by the retreat of the dollar and an airborne missile test launched by North Korea. Despite moving higher on the day, the bullion is still close to its seven-week low notched in the last session.

Looking on prices, U.S. gold futures edged up more than 0.3 percent and finishes at $1,222.30 per ounce for its August delivery. Spot gold was also higher by 0.2 percent to settle at $1,223.08 per ounce. However last Monday, it slumped as much as 1.7 percent which marks its largest one-day percentage decline since November 2016, to hit a low of $1,218.31 per ounce.

North Korea launched a ballistic missile test to the sea of its east coast from its western region before the summit of leaders from Germany’s group of 20 nations later this week, according the military from South Korea. Head of trading APAC, OANDA in Singapore Stephen Innes said the ballistic missile launches from North Korea are slowly being second nature and the market is looking through them; however some doubts are still increasing. He added that though not necessarily a factor that supported the demand of gold, it still manages to stop any further declines.

Meanwhile in other precious metals, silver was 0.1 percent down at $16.10 an ounce following its decline of $16.01, palladium advanced by 1.5 percent at $855.73 per ounce and platinum edged up as much as 0.5 percent at $906.20 per ounce following its low of $900.