· Gold prices eased on Friday and were on track to end the week lower as the dollar advanced on expectations of higher U.S. interest rates and market players grew a bit less worried about global political and security risks.
· Spot gold lost 0.6 percent at $1,336.96 per ounce by 1:36 p.m. EDT (1736 GMT), while U.S. gold June futures settled down $10.50, or 0.8 percent, at $1,338.30. Spot gold was headed for a weekly decline of nearly 1 percent.
· Investors were less jittery about geopolitical tensions that had supported gold prices earlier in the week, notably Syria and North Korea.
· "Of course, the geopolitical risks are still high compared to the beginning of the year but it seems like they are slightly lower than a few days ago so prices have come off the boiler a bit," Capital Economics commodities economist Simona Gambarini said.
· Gold is often used as safe haven in times of uncertainty. Also pressuring bullion, a U.S. central banker said the Federal Reserve should keep raising interest rates this year and next to keep the economy from overheating and financial stability risks from rising.
· Investors were also relieved that no new U.S. demands on trade came out of a summit between Japanese Prime Minister Shinzo Abe and Trump.
· "Gold is really in a $1,300-$1,360 trading range," said Bill O’Neill, partner at Logic Advisors. "Gold is just in a wait and see pattern now. It's clearly not capable of really floating up."
· Meanwhile, spot silver lost 0.5 percent at $17.13 per ounce, but up more than 3 percent for the week.
· Platinum fell 0.6 percent at $927.40 per ounce, on track for a 0.6 percent weekly decline.
· Palladium added 1.1 percent at $1,036.50 per ounce ending the week nearly 5 percent higher.
Reference: Reuters
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