North Korea's missile launch soars gold to 11-month high

Baku. 29 August. REPORT.AZ/ The yellow metal rallied to reach $1,327 per ounce - the highest price seen since before the US presidential election in November 2016 - after the missile launch prompted investors to rush to safe haven assets.

Report informs this is due to geopolitical tensions caused by North Korea in particular, after firing a ballistic missile over northern Japan.

Notably, last time the gold price was sold at this price on September 27, 2016. At the same time, shares in the South Korean, Japanese and Australian Stock Exchange dropped. Yen rose by 1% against US-dollar.

Japan's prime minister said the missile was an "unprecedented, grave and serious threat”. The UN Security Council must meet urgently. South Korea's Presidential Administration has also assembled the National Security Council.

missile was launched from near the North Korean capital, Pyongyang travelled about 2,700km with maximum height of 550km and passed over Hokkaido city.