Gold prices edge in lower positions in the first trading session as Asian stocks were bullish amidst political worries that are resulted by the U.S. President Donald Trump are expected to keep feeding its appetite for the precious metal as a safe haven asset.
Trump was hit on Friday by an embarrassing rumors that a senior adviser was a “person of interest” in an investigation of with Russia during the last year’s election campaign and that Trump had told to the Russian officials that he fired that man who was leading the investigation.
The North Korean government stated on Monday that it had successfully administered an intermediate range ballistic missile testing to confirm the reliability of the late-stage guidance of the warhead.
With that the Asian stocks posted its biggest daily rise in almost a month in the beginning of the start of the trading week followed by modest gains in the U.S. shares, with MSCI’s broadest index of a Asia-Pacific shares that are outside Japan with an increase of 0.9 percent.
“Some of that risk hedging has been unwound in early Asia trading, with gold completely ignoring North Korea’s latest missile test” which was started by Jeffrey Halley, the senior market analyst at OANDA.
Spot Gold was down by 0.2 percent and was at $1,252.46 per ounce and rose to about 0.7 percent on Friday.
U.S. Gold futures were up by 0.1 percent and was being traded at $1,252.60 per ounce