2019.12.2409:32:00UTC+00Gold Prices Inch Higher In Pre-holiday Trade

Gold prices were moving higher on Tuesday amid speculation the North Koreans will test an intercontinental ballistic missile (ICBM) in an attempt to seek concessions in stalled nuclear negotiations with the United States.

Earlier this month, North Korea said it would surprise Washington with a Christmas present. New satellite images of a factory where North Korea makes military equipment used to launch long-range missiles shows the construction of a new structure.

Both spot gold and U.S. gold futures were up around half a percent at $1,492.16 per ounce and $1,495.95, respectively.

Lingering concerns about the health of major global economies as well as revisions in the portfolios of fund managers to preserve capital also supported demand for safe-haven bullion ahead of the holiday season.

On the trade front, U.S. President Donald Trump said on Saturday the United States and China would "very shortly" sign "Phase 1? of a trade agreement.

In addition, China's Finance Ministry announced plans to lower import tariffs on a range of products, including frozen pork, pharmaceuticals and some high-tech components.