April 17 (Reuters) - Gold prices hit a five-month high on Monday as the dollar weakened with investors taking refuge in safe-haven assets in the wake of rising geopolitical tensions over North Korea. FUNDAMENTALS * Spot gold had risen 0.7 percent to $1,293.90 per ounce by 0030 GMT, after hitting their highest since early November at $1,295.42 * The metal last week rose 2.5 percent, posting its biggest weekly gain since June last year. * U.S. gold futures were up 0.6 percent at $1,296. * The United States, its allies and China are working together on a range of responses to North Korea's latest failed ballistic missile test, U.S. President Donald Trump's national security adviser said on Sunday, citing what he called an international consensus to act. * President Tayyip Erdogan declared victory in a referendum on Sunday to grant him sweeping powers in the biggest overhaul of modern Turkish politics, but opponents said the vote was marred by irregularities and they would challenge its result. * The dollar dipped to a five-month low against the yen early on Monday. * Hedge funds and other money managers increased their net long positions in COMEX gold for the fourth straight week to April 11, and also raised silver and copper bets, U.S. Commodity Futures Trading Commission data showed Friday. * The number of Americans filing for unemployment aid unexpectedly fell last week and consumer sentiment rose early this month amid continued optimism over household finances, suggesting a sharp slowdown in job growth in March was an aberration. * China's banks unexpectedly extended less credit in March than in the previous month as the government tries to contain the risks from an explosive build-up in debt and an overheating housing market. * SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings rose 0.77 percent to 848.92 tonnes on Thursday from 842.41 tonnes on Wednesday. DATA AHEAD (GMT) 1230 U.S. NY Fed Manufacturing Apr 1400 U.S. NAHB Housing Market Indx Apr (Reporting by Nallur Sethuraman in Bengaluru; Editing by Kenneth Maxwell)
Our Standards: The Thomson Reuters Trust Principles.