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Yen, gold rise following Manchester ‘terrorist incident’

Haven assets gold and the Japanese yen were slightly higher on Tuesday with investors cautious after a 19 people were killed at Manchester Arena in what police said they were treating as a “terrorist incident”.

The yellow metal was up 0.1 per cent to $1,262.45 per ounce in the wake of reports of explosions at an Ariana Grande concert in the UK city.

With the incident taking place at 22.35 on Monday in the UK, most of any market reaction has been confined to the Asian session on Tuesday.

Gold closed 0.4 per cent higher on Monday, also helped by a weaker US dollar, which tends to move inversely to the metal.

The Japanese yen was also up 0.2 per cent at ¥111.13 per dollar. The currency often becomes a popular asset in times of market stress.

The British pound is sitting 0.1 per cent weaker at $1.2988 this morning, having dropped 0.3 per cent on Monday. Against the yen, sterling is 0.3 per cent weaker at ¥144.321 per pound.

For more on the Manchester attack, please follow the FT’s other coverage here.