Wall Street finished a hard week on a high note

Wall Street finished a hard week on a high note

After threatening to visit "fire and fury" on North Korea, President Donald Trump said that maybe the warning "wasn't tough enough".

A day earlier, the Standard & Poor's 500 index posted its biggest single-day drop in almost three months following Trump's warning to unleash "fire and fury" if Pyongyang continued its nuclear weapons expansion.

On Thursday, the CBOE Volatility Index, a barometer of expected near-term stock market volatility, closed at its highest since the US presidential election.

Gold, another classic safe haven asset, was trading at around $1,285 per ounce, up more than two per cent this week and near a nine-week high. "That did temporarily shake investors' complacency, but we think markets are ready to move higher in the back half of the year, and earnings and economic data are going to drive that".

The Dow Jones Industrial Average fell 94.55 points, or 0.43 per cent, to 21,954.15, the S&P 500 lost 19.51 points, or 0.79 per cent, to 2,454.51 and the Nasdaq Composite dropped 76.39 points, or 1.2 per cent, to 6,275.94.

S&P 500 e-mini futures were down 0.2 percent, hinting at weakness on Wall Street later in the day.

The dollar index, which tracks the greenback against a basket of six major rivals, was almost flat on the day at 93.646, remaining above last week's 15-month low of 92.548.

The ongoing political crisis that has seen North Korea state it was seeking to strike the US Pacific island territory of Guam within days, prompted gold speculator Dennis Gartman, editor and publisher of The Gartman Letter to say he believed gold was on the cusp on a significant break out. The contract fell 97 cents, or 2 percent, to close at $48.59 a barrel on Thursday.

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Sterling was last trading at $1.3007, up 0.25 percent on the day.

At 3:15pm BST, the Comex gold futures contract for December delivery was up 1.09% or $13.90 to $1,293.20 an ounce, as the precious metal extended overnight gains, of almost 2% stateside, with yet another rally in Asia and Europe.

Several indexes closed lower overnight. It is not just North Korea that has the potential to surprise investors. Tokyo's Nikkei 225 share index closed down 1.3% at its lowest since June 1 as the strong yen hit exporters, while South Korea's KOSPI index fell 1.1% to seven-week lows.

The Russian dollar-traded index RTS was down 1.49 percent, and ruble-traded MICEX fell 1.29 percent by midday. They have soared over 2 percent in the previous two sessions, and are set for a weekly gain of 2.25 percent.

BONDS: Bond prices rose.

The dollar was down 0.77 percent against the yen JPY= at 109.21 yen. Australia's S&P/ASX 200 dropped 1.2 percent to 5,693.10.

The yield on the benchmark 10-year U.S. Treasury note fell to 2.255 percent from its U.S. close of 2.282 percent on Tuesday.

Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose $3.40, or 0.26%, to $1,293.37 a troy ounce.

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