· Gold inched lower on Friday as mild profit-taking set in after recent rallies and as investors awaited U.S. jobs data for direction on interest rates, but safe-haven demand kept prices near 9-1/2 month highs as tensions over North Korea lingered.
Spot gold was down 0.2 percent at $1,318.81 per ounce as of 0653 GMT, not far from the more-than-nine-month high of 1,325.94 hit on Tuesday, and was on track for a weekly gain of more than 2 percent.
· “We have a bit of profit-taking coming in, especially with the recent rallies to around the $1,325 an ounce levels,” said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.
“While the upside of gold could be around $1,350 per ounce, should the dollar go up, if the jobs data turns out to be positive, the downside will be limited at the $1,300 level, given all the uncertainties, including North Korea, that are still around,” said Leung.
“Investors will also be closely watching the developments in terms of tensions between the U.S. and Russia.”
· Silver eased 0.4 percent to $17.50 per ounce.
Reference: Reuters
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