· Gold prices touched their highest intraday level of the year on Friday, temporarily topping $1,300 an ounce before pulling back to settle lower for the session and the week.
U.S. gold futures for December delivery settled at $1,291.60.
· Gold prices were little changed after jumping to their highest in more than nine months on Friday as the dollar retreated on political uncertainty in the United States and a suspected Islamist militant attack in Spain boosted bullion's safe-haven appeal.
· Spot gold touched its highest since Nov. 9 at $1,300.80 per ounce, and was up 0.03 percent at $1,287.95 an ounce by 3:20 p.m. EDT (1920 GMT).
· Pressuring gold, however, was the latest high-level shake up at the White House. U.S. President Donald Trump on Friday fired Stephen Bannon as his chief strategist, removing a powerful and controversial figure known for far-right political views.
· "The ouster of White House chief strategist Steve Bannon, who had been vilified perhaps more than anyone in the executive branch since Dick Cheney, put a tenuous floor on the stumbling stock market and blunted gold's charge above $1,300," said Tai Wong, director of base and precious metals trading for BMO Capital Markets in New York.
"Gold and silver finish the day and the week largely unchanged looking for direction."
· Markets were also uncertain about Trump's ability to push ahead with policies after the disbandment of two high-profile business advisory councils over his remarks on violence at a rally in Virginia last weekend.
· "The recent soft patch in U.S. data has put serious doubts over whether there will be another rate hike coming from the Fed this year," said Fawad Razaqzada, analyst at FOREX.com.
"Unfortunately next week's economic calendar is quite light. Thus, the dollar may weaken further, especially against perceived safe haven currencies like the Japanese yen and Swiss franc, and potentially gold and silver."
· Spot gold faces resistance at $1,291 an ounce and could hover below this level or retrace towards support at $1,271 again, said Reuters technical analyst Wang Tao.
· Wall Street and Main Street both look for gold to maintain its luster in the week ahead, based on the weekly Kitco News gold survey.
· “Comex [December] gold broke the key $1,300 level to touch $1,306.90 per ounce this morning -- prices not seen since last April,” saidRichard Baker, editor of the Eureka Miner Report. “The drivers are the tragic terrorist attack in Barcelona, weaker-than-expected corporate earnings and controversy swirling around President Trump post-Charlottesville.”
· “The surge in gold's open interest, in tandem with the midweek rally following a pullback near $1,270 support, [is a] positive technical indicator. My top end range next week is at $1,320 and possibly $1,335.” Ken Morrison, editor of the newsletter Morrison on the Markets, also looks for more gains.
· Among other precious metals, silver climbed 0.2 percent to $17.03 an ounce, having touched a two-month high of $17.31.
· Platinum was up 0.7 percent at $979.60, while Palladium touched a fresh 16-year high of $934 before giving back some gains to trade 0.3 percent lower at $923.35. Palladium notched its second straight week of gains.
Reference: Reuters, Market Watch, Kitco
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