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Business

September 17, 2017

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Gold rises

Gold rises

Bengaluru

Gold inched up on Friday as North Korea´s latest missile launch over Japan triggered safe-haven buying, but gains were limited as strong U.S. inflation data raised the spectre of another interest rate hike.

Spot gold edged up 0.1 percent to $1,330.79 an ounce by 0321 GMT, after dropping to its lowest since Aug. 31 at $1,315.71 in the previous session.

The metal was, however, down 1 percent for the week, and on track to mark its first weekly decline in four.

U.S. gold futures for December delivery gained 0.4 percent to $1,334.80 an ounce.

North Korea fired a missile on Friday that flew over Japan´s northern island of Hokkaido far out into the Pacific Ocean, South Korean and Japanese officials said, further ratcheting up tensions after Pyongyang´s recent test of a powerful nuclear bomb.  Geopolitical risks can boost demand for safe haven assets such as gold and the Japanese yen.

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