Surge in demand for gold after North Korea’s nuclear testing

London (July 5)  Global thermonuclear war could break out at any moment warns North Korea, but at least that’s good for the price of gold.

Dictator Kim Jong-un’s “gift” of successfully testing an intercontinental ballistic missile saw gold move upwards for the second day running.

It rallied $5 per ounce yesterday and was up another 0.7% today at $1227.10 (£950) per ounce.

Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong, said: “Asian investors were happy to make some bids due to the North Korean tensions.”

North Korea state media said the testing of the “landmark” Hwasong-14 missile confirms North Korea as “a strong nuclear state.”

Investors run for gold’s cover in tense times. “Safe-haven buying re-emerged after the latest missile test in North Korea,” ANZ Research said.

Source:  EveningStandars