Updated from 11:43 a.m. EDTConcerns over North Korea's missile program returned to the gold market Wednesday afternoon as news reached traders of a seventh weapon launch by the rogue state. In Nymex trading, the yellow metal closed at just under $630 per ounce, up from $613 on Friday and marginally below its high of $632.50 per troy ounce reached Tuesday night in Asia. (Nymex trading was closed Monday and Tuesday in holiday observance.) The dollar was still showing strength vs. the euro, which was recently trading at $1.2726 vs. $1.28 Tuesday, as investors poured into the greenback thanks to the prospect of higher interest rates. Stronger-than-expected U.S. factory orders data and a forecast by ADP of a much stronger-than-expected June payroll report helped revive the notion of more Federal Reserve rate hikes. The gold exchange-traded funds (ETFs) iShares COMEX Gold Trust ( IAU) and streetTRACKS Gold Shares ( GLD) reversed early losses and were trading slightly up in the late afternoon. Meanwhile, shares of Newmont Mining ( NEM), Freeport McMoran Copper and Gold ( FCX) and Barrick Gold ( ABX) were erasing most, but not all, of their losses from earlier Wednesday. Also in precious metals, shares of the iShares Silver Trust ( SLV) were trading up in the afternoon session, reflecting investor concern over Korea, and there was a jump in the benchmark September Comex silver futures price to $11.415 per ounce, up almost 50 cents as investors looked for a safe haven.