The price of gold rose to its highest in nine and a half months on Tuesday as mounting geopolitical tensions over North Korea’s launch of a missile that flew over Japan stoked demand for safe-haven assets, while weighing heavily on the dollar and equities. Spot gold rose 0.5 percent to $1,316.66 an ounce by 0048 GMT, after earlier touching its highest since early November at $1,322.33. It gained 1.4 percent in the previous session. US gold futures or December delivery were up 0.5 percent to $1,322.20 per ounce. US stock futures and Asian share markets tumbled on Tuesday, while the yen jumped to four-month highs against the dollar after North Korea’s missile flew over northern Japan, setting up a tense start to trading for markets in the region. South Korea and Japan said the missile North Korea launched early on Tuesday landed in Pacific waters east of Hokkaido after flying over the northern Japanese island, in a sharp escalation of tensions on the Korean peninsula.
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