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Gold Prices Higher for 4th Consecutive Session on North Korea Tensions

Gold prices rose to hit their highest in more than two months on Friday, on track for a fourth straight day of gains as growing tensions between the United States and North Korea spurred safe-haven purchasing.

Spot gold climbed 0.2 percent at $1,287.90 an ounce. Earlier in the session, it notched its highest since June 8 at $1,288.52 per ounce.

U.S. gold futures for December delivery were up 0.3 percent to $1,294.10 an ounce.

According to UBS, it has raised its long position in the precious metal as forward real interest rates dropped and commodity prices rose, while it also added to longs in the platinum group metals as investment demand grew.

Gold demand in India remained soft this week as local prices soared to their highest level in almost three months and a rally in global prices of the precious metal reduced new buying elsewhere in Asia.

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