Gold deepens pullback from 5-month highs but geopolitical jitters limit metal’s loss

MarketWatch/Rachel Koning Beals/04-20-17

Gold prices fell for a second straight session Thursday even as the dollar eased, pulling back after a five-day run had driven the safe-haven precious metal to five-month highs that failed to clear the closely watched $1,300 mark.

…“Gold remains steady, as traders are reluctant to short the market ahead of this weekend’s first round of French elections,” said Peter Hug, global trading director, with Kitco Metals, in a note.

“Physical buying has been prominent on the continent and in the Far East, as investors remain wary of geopolitical risks with North Korea, but North American demand remains anemic,” he said. “[I] would expect gold to trend firmer into the weekend…as investors digest the outcome of the first round of France’s election.”

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