Gold Rises Along With North Korea Tensions

A trader works on the floor of the New York Stock Exchange shortly after the opening bell in New York U.S

Banks and department store shares also were among the big decliners.

US crude rose 0.41 percent to $48.79 per barrel and Brent was last at $52.01, up 0.21 percent.

The euro slid 0.6 percent to 128.92 yen, and fell 0.1 percent against the dollar to $1.1735. For the week, the index lost over 3% to register its biggest weekly loss since February of 2016.

"The market's dent only lasted for a week in April when tension rose between them after North Korea launched a missile".

On Tuesday, President Donald Trump warned North Korea of "fire and fury" in response to recent threats from Pyongyang, which said it was examining plans for attacking Guam, a US territory in the Pacific with a military base. MCX Gold was trading 0.25 per cent up at Rs 28,915 per 10 gram around 10.45 am (IST). Geopolitical risks can boost demand for assets considered safe-haven investments, such as gold. Copper rose 1 cent to $2.91 a pound. KLA-Tencor gained $2.62, or 3 percent, to $90.17.

In other corporate results, a number of companies reported forecast-beating numbers. "If you think this is just rattling sabers, and it's just words, then you could view this as a buying opportunity".

European stocks have fallen for a third day on Friday and look headed for their worst week since early November previous year, as US President Donald Trump's rhetoric on North Korea over the past few days made investors risk averse.

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A statement from the North Korean military called President Donald Trump's warning that the communist nation would face "fire and fury" if it continued its provocations a "load of nonsense".

On Thursday, Donald Trump said North Korea should be "very, very nervous" if it acted against the US. "It seems the U.S.is one step closer to engaging in military conflict with North Korea".

Still, the S&P 500 is on track to post its biggest weekly loss in about nine months. "Whether it is a credit crunch in China, policy error from the Fed, or fear of an over-valued USA stock market, there are many reasons to maintain a balanced multi-asset portfolio that has exposure to defensive asset classes and currencies".

The dollar index, which gauges the greenback against the currencies of six major USA trading partners, was last 0.2% down on the day during afternoon European trading hours - it stood at 93.20.

The annual decline in prices stands at 1.7% in July, compared to 1.6 % in June, according to the index, below the 2% target of the federal Reserve. The economic consequences ... would likely be horrific, and ... also result in a temporary shock to global financial markets. It has been the leading S&P gainer so far this year, making it particularly vulnerable to a decline.

Energy stocks fell along with the price of crude oil.

Escalating tensions around Pyongyang's nuclear ambitions sent a shiver through markets worldwide and pushed the dollar to below 109.7 yen in afternoon forex trade to an eight-week low against the safe haven currency, piling more pressure on Japanese stocks.

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