Gold prices extended their climb into a third session in a row Tuesday, settling at the highest level in almost a year, as a North Korean missile launch over Japan’s airspace rekindled geopolitical tensions in the region and sparked a flight to haven assets.
Gold for December delivery GCZ7, -0.05% rose $3.60, or 0.3%, to settle at $1,318.90 an ounce. It marked its highest settlement value since Sept. 29 of last year, but finished off the day’s high of $1,331.90, paring gains in the wake of upbeat economic data. U.S. consumer confidence strengthened in August to the second highest level since late 2000.
A popular exchange-traded fund, the SPDR Gold Shares ETF GLD, -0.22% tacked on 0.1%, while those for gold miners, the VanEck Vectors Gold Miners ETF GDX, +0.66%climbed 0.7%.
The advance came after North Korea fired a ballistic missile across northern Japan, in what Japanese Prime Minister Shinzo Abe called an “unprecedented, grave and serious threat that seriously damages peace and security in the region.”
Tensions between Pyongyang and the U.S. and its allies—including Japan—have been running high most of the summer, stoking fears of a potential nuclear clash. President Donald Trump has previously said the U.S. would react with “fire and fury” if Pyongyang stepped up threats against the U.S. and its allies.