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Gold Prices Steady, Buoyed by Geopolitical Tensions

Gold Prices Steady, Buoyed by Geopolitical Tensions

Gold prices were steady on Wednesday while the dollar strengthened, as safe-haven demand for the metal continues to be supported following recent comments from U.S. President Donald Trump regarding tensions over North Korea.

Spot gold was almost flat at $1,330.85 per ounce.

U.S. gold futures for December delivery were also flat at $1,335.00 per ounce.

The dollar index, which tracks the greenback against a basket of six major currencies, was stable at 91.890.

U.S. President Donald Trump recently said that U.N. sanctions on North Korea agreed this week were a small step and nothing compared to what would have to happen to deal with the country's nuclear programme.

"That's pretty aggressive rhetoric on his part and that's brought gold back up," according to Bob Haberkorn, senior market strategist for RJO Futures in Chicago.

SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, said its holdings increased 0.35 percent to 838.64 tonnes on Tuesday from 835.68 tonnes on Monday.

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