Investing.com – Gold prices fell on Friday as investors appeared to take profit on recent gains, while German geopolitical uncertainty eased supporting an uptick in US Treasury yields which weighed on sentiment.
for December delivery on the Comex division of the New York Mercantile Exchange fell by $4.42, or 0.34%, to $1287.74 a troy ounce.
Gold prices struggled to pare losses sustained earlier the week snapping a two-week winning streak on Friday amid falling geopolitical uncertainty and profit taking.
The uncertainty surrounding the future leadership position of German chancellor Angela Markel eased after Germany’s Social Democrats said it would consider talks with Angela Merkel’s Christian Democratic party to form a government.
“The Social Democratic Party (SPD) is firmly convinced that talks have to take place. The SPD is not closed to talks,” Hubertus Heil, the general secretary, said early on Friday.
Easing geopolitical turmoil boosted to session highs, capping upside momentum in the precious metal.
Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion.
In other precious metal trade, fell 0.61% to $17.08 a troy ounce, while added 0.46% to $945.05.
traded at $3.18, up 1.21% while fell by 4.78% to $2.83.
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Source: Investing.com
