Gold seen topping $US1350 an ounce on US, North Korea tensions

Investors will get an update on consumer price inflation, watched for its influence on the Federal Reserve's interest-rate thinking, while shares of Snap Inc. and Nvidia Corp. may draw attention after their earnings releases late Thursday.

On Thursday the greenback had shed 0.8 percent versus the yen, with the Japanese currency rallying broadly against most major currencies.

Asked if he would consider a pre-emptive strike against North Korea to deny it the ability to launch a nuclear attack against the United States, Trump said, "We'll see what happens". "Pretty remarkable, perhaps even extraordinary, considering", said Tim Ash, strategist at fund manager BlueBay.

Meanwhile, gold demand in India remained sluggish this week as local prices jumped to their highest level in almost three months and a rally in global prices dampened fresh buying elsewhere in Asia. "I do think we could see markets pull back between 1 and 5 percent".

The pan-European FTSEurofirst 300 index (.FTEU3) lost 1.11 percent.

An air of caution is lingering across the financial markets during early trading on Friday, as investors closely monitor the escalating tensions surrounding the United States and North Korea.

Many markets have recently climbed to record or multi-year highs, leaving them vulnerable to a sell-off.

Against the dollar, the franc surged 0.6 percent to 0.9688 francs, reversing a two-week losing streak.


Japan is the world's biggest creditor nation and there is an assumption Japanese investors may repatriate their foreign holdings in times of heightened global uncertainty.

"Risk-off sentiment dominates Asian markets into the end of the week with President Donald Trump's words still sending shockwaves into the markets", said Jingyi Pan, market strategist at online trader IG. Early Friday, the ICE Dollar Index was up just 0.04% to 93.437.

In bond markets, the yield in U.S. Treasuries fell, also pressured by the lowered expectations for a Fed move.

"Yuan is expected to remain relatively steady or strong compared to regional peers", Scotiabank said in a note on Thursday.

The Indonesian rupiah slipped by about 0.1 percent to its lowest in over 4 weeks. The contract fell 97 cents, or 2 percent, to close at $48.59 a barrel on Thursday.

The Korea Gold Exchange, a local trader, said the average daily sales of 100-gram gold bars reached 250 units since Wednesday, rising sharply from 50 units on average.

US crude shed 20 cents to $48.97 a barrel, while Brent crude fell 26 cents to $51.88 a barrel.

And in a textbook-type cross-asset move toward safety in times of trouble, the Japanese yen hit an eight-week high against the US dollar while spot gold also reached a two-month high.

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