Gold erased some of yesterday`s gain on Friday, but the metal held above $1,300 amid the elevating geopolitical risk, after a Malaysian airliner was downed in eastern Ukraine, killing nearly 300 people.
As of the 04:06 a.m. ET, Spot Gold lost 0.37% to $1,312.65 an ounce, after adding nearly $20 or 1.15% on Thursday. However, the metal is still ready to post a weekl slump, following a six-week advance, as fears of financial woes in Potugal bank eased.
The geopolitical tension in Ukraine esclalated overnight, after a Malaysia Airlines plane carrying 283 passengers and 15 crew cashed in the battle-tron region of Donetsk.
The US intelligence agencies, still dvidided over wether the missile was launhced by the Russia military or by pro-Russia separatists rebels, say it was struck by a ground-to-air missle.
Among other precious metals:
- Spot Silver fell 0.37% to $21.03 an ounce
- Spot Platinum fell 0.47% to $1,492.75 an ounce
- Spot Palladium fell 0.59% to $879.40 an ounce
In the US, traders continue to speculate the US Federal Reserve could hike interest rates sooner than expected if hiring and wages take off in unexpected way.