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·         Gold prices dipped on Thursday, breaking a string of gains for four successive sessions, in response to a decline in global political tensions.

·         Spot gold lost 0.2 percent at $1,346.20 per ounce by 1:38 p.m. EDT (1738 GMT), while June U.S. gold futures settled down $4.70, or 0.4 percent, at $1,348.80 per ounce.

·         U.S. President Donald Trump said on Wednesday he hoped a summit with North Korean leader Kim Jong Un would be successful while Western missile strikes in Syria were less extensive than some had feared.          

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Earlier in the week, a senior administration official said Trump delayed imposing additional sanctions on Russia.

·         "Uncertainty has decreased somewhat. Geopolitical worries, trade risk have moved to the background," said ABN AMRO commodity strategist Georgette Boele.

 

Boele said she expected gold to decline to around $1,330 after failing to break above resistance.

 

"There was a bit of upward momentum, but you are still in the $1,300-$1,365 range. It's more of a technical trade at the moment - it tries the upside again and if that doesn't succeed then it falls back."

 

·         "Rates are up and dollar-supportive. The Fed still seems to be on the path for tightening. The Fed and cryptocurrencies, a bit, have been hampering (gold)," said Dan Denbow, USAA seniorportfolio manager.                   

·         Meanwhile, spot silver prices rose 0.6 percent to $17.25 per ounce after touching their highest since Feb. 1 of $17.35.

·         "A bounce in silver is not a surprise to me because you have lower liquidity and it's more sensitive to sentiment," Boele said, adding that she expected silver to follow gold lower in coming days or weeks.

·         "The precious metals fought through some headwinds yesterday. Everything except silver is succumbing to those headwinds today," said Chris Gaffney, president of world markets at EverBank.

·         Platinum lost 0.2 percent at $933.24 per ounce. It touched more than a three-week high of $953.50 earlier in the day.

·         Palladium fell 0.3 percent to $1,032.40 per ounce, after marking its highest since Feb. 27 of $1,057.20.

 

Reference: Reuters