Gold Prices Remain Slightly Lacking in Risk-On Trade
Gold prices remained slightly lower on Tuesday, as risk sentiment resurfaced after weekend events looked like there was less catastrophic than initially estimated.
Comex gold futures were down by $2.90 or about 0.22% at $1,332.98 a troy ounce by 08:30 a.m. ET (12:30 GMT).
Sentiment continued to enhance as Hurricane Irma caused less damage than expected in Florida so that as North Korea wouldn’t fire missiles over the past weekend.
Market participants had braced for more provocations from North Korea on September 9, because State celebrated its founding day. But Pyongyang marked the anniversary without further missile or nuclear tests.
In solution to North Korea’s sixth nuclear test, the U.N. Security Council voted unanimously on Monday to improve sanctions on the peninsula. Its textile exports at the moment are banned and fuel supplies to Pyongyang are capped.
It was the ninth sanctions resolution unanimously adopted with the Security Council since 2006 over North Korea’s ballistic missile and nuclear programs.
On another hand, Hurricane Irma continued to hammer Florida on Monday, but it lost strength and was downgraded towards a tropical storm.
About 7.3 million businesses and homes were without power in Florida, Georgia, Structured and Alabama, reported by state officials and utilities on Monday.
Elsewhere on the Comex, silver futures were little changed at $17.90 a troy ounce.