Investors pour into gold and other save havens after North Korea missile

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Gold prices shot to a nearly a 10 month high this morning after North Korea escalated geopolitical tensions by firing a ballistic missile over northern Japan.

The yellow metal rallied to reach $1,327 per ounce - the highest price seen since before the US presidential election in November last year - after the missile launch prompted investors to rush to safe haven assets.

According to local media, the projectile passed over the Tohoku region of northern Japan and landed 1,180 km east of Cape Erimo on Hokkaido. The Japanese government told people in the city to take cover.

Japan's Prime Minister said the missile was an "unprecedented, grave and serious threat".

The Japanese yen, which also benefits from risk-averse traders, rose 0.8 per cent to 108.33 against the US dollar, its highest point since April. Another safe haven, the Swiss franc, hit a one-month high of 0.9523 franc to the dollar, up 0.3 per cent.

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