Economy

Gold, silver gain on rising tension between US-North Korea

Gold, silver gain on rising tension between US-North Korea

The stock market continued to slide Wednesday after President Trump's saber-rattling at North Korea unsettled investors, according to analysts.

All the 11 major S&P indexed were lower, with technology sector's 0.62 percent leading the decliners.

In earnings news, retailers were under pressure after Macy's and Kohl's each reported lower second-quarter sales, reviving worries about consumer discretionary stocks.

The single currency slipped 0.3 percent to $1.1723 and was holding just above a July 28 low of $1.1688. It had risen more than 1 percent on Wednesday, one of its largest single-day jumps against the euro since the Swiss National Bank removed its cap on the currency in January 2015.

USA equities steepened their losses late in the session after President Donald Trump said his earlier warnings to North Korea may not have been tough enough.

"Obviously we are looking at the increased tensions between the U.S. and North Korea", said Brad Bechtel, managing director FX at Jefferies in NY.

"I think the muted reaction in the market has to do with Trump not necessarily following up on his tough talk", Pavlik said.

In parallel, traditional safe havens such as gold were and the Japanese yen were higher, with the former rising 0.91% to $1,274.10/oz. while dollar/yen was lower by 0.52% at 109.76.

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Gold demand in India remained sluggish this week as local prices jumped to their highest level in almost three months and a rally in global prices of the precious metal dampened fresh buying elsewhere in Asia.

Global stock markets are firmly in the red after another escalation of tensions between North Korea and the United States. The Nasdaq composite fell 45 points, or 0.7 percent, to 6,324.

The broad-based S&P 500 fell less than 0.1 percent at end at 2,474.02, while the tech-rich Nasdaq Composite Index dropped 0.3 percent to 6,352.33.

Macy's (M.N) shares closed down 10.2 percent and Kohl's (KSS.N) fell nearly 6 percent as the companies continued to report a drop in quarterly same-store sales, stoking concerns that their turnarounds may still be a long way off.

Meanwhile, gold stocks bucked the downtrend, driving the NYSE Arca Gold Bugs Index up by 1.3%.

However, shares of Dean Foods tumbled, trading 20.1 per cent weaker at US$11.96 as of 2.24pm in NY, after the USA dairy processor posted quarterly results that fell short of expectations and downgraded its full-year forecast amid "a challenging and rapidly evolving retail environment".

OIL: Benchmark U.S. crude fell 35 cents to $49.04 a barrel on the New York Mercantile Exchange. Brent crude was up 80 cents at $53.50 a barrel and USA crude was up 60 cents and back up to $50.

In overseas trading, stock markets across the Asia-Pacific region saw further downside during trading on Thursday.


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