Technology companies led US stocks slightly higher in afternoon trading Friday, recouping some of the losses from the day before. Australia's S&P/ASX 200 dropped 1.2 percent, while Japan was closed on a public holiday. The Dow Jones industrial average gained 14.31 points, or 0.1 percent, to 21,858.32.
An index of 15 gold miners tracked by Bloomberg Intelligence climbed 1.1 percent, led by Toronto-based Yamana Gold Inc.
In Europe, Britain's FTSE 100 was down 1.1 percent to 7,306, while France's CAC 40 fell 1.1 percent to 5,058.
Elliott made his comments as a series of threatening remarks between US President Donald Trump and North Korean leader Kim Jong-un sent the price of gold soaring to its highest weekly closing price last Friday, of US$1284.40 an ounce, since last November, before Donald Trump was elected.
Rising tensions between the United States and North Korea brought a wave of falling stock prices recently as anxious investors moved money out of equities and into the perceived safety of gold, Swiss currency and similar products.
"For now, the uptrend is very much intact in gold, reacting to external geopolitical events", said Jonathan Butler, commodities analyst at Mitsubishi in London.
These safe haven assets tend to rise in value when investors fear that geopolitical crises could weaken global growth prospects as investors switch their investments out of global equities and emerging market currencies into the safe haven assets.
Gold futures rose 10.50 dollars or 0.82 percent to close at USD 1,285.10 per troy ounce at the COMEX division of the New York Mercantile Exchange.
US Secretary of State Rex Tillerson on Wednesday warded off - at least for now - the prospect of massive losses on the Wall Street market after stressing that there was "no imminent threat of war" and that Americans could "sleep well at night".
"After today's data and commentary from Dudley, if we see even a near-miss on CPI tomorrow, I think the dollar has got quite a bit of room to sell off", Sweeting said.
"It's fantastic when you consider the headlines just how calm the equity markets are, how they've taken things in their stride", said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.
Markets are now awaiting USA consumer price data for July, due later in the session. The Federal Reserve, which raised its key interest rate in March and June, has signaled it plans a third rate hike before the end of this year.
Toyota rose 0.63 percent to 6,275 yen while Sony fell 1.45 percent to 4,338 yen. Interestingly though, it soon after managed to more than make up for its losses relative to the Japanese and British currencies, while it recovered a significant portion of its losses versus the euro as well.
The Japanese yen strengthened 0.08 per cent versus the greenback at 110.00 per dollar.