Melbourne, Feb 25: Gold prices shot up in the overseas markets today after North Korea test-fired a short-range missile into the sea of Japan raising concern about escalating tension in the region. Asian bullion markets witnessed a steep rise in yellow metal while stocks fell after the announcement. Gold prices have surged almost 23 per cent in the past year, partly on concern about a US. Assault on Iraq, considering gold as a haven in times of turmoil. "The focus has very much been on Iraq and maybe North Korea is more of an issue than people had thought,'' said Paul Carter, associate director of Paterson Ord Minnett, a Perth brokerage. Gold for immediate delivery rose one dollar, or 0.3 per cent, to 358.75 dollar an ounce. Gold for April delivery climbed 2.80 dollar to 359.20 dollar an ounce.

Bureau Report