Investing.com - Gold futures slipped lower on Friday, as traders locked-in profits after the precious metal's recent upward trend due to a rise in safe-haven demand amid geopolitical tensions in Ukraine and the Middle East.
On the Comex division of the New York Mercantile Exchange, gold for August delivery traded at $1,312.60 a troy ounce during European morning trade, down 0.33%.
The August contract settled 1.32% higher on Thursday to end at $1,316.9 a troy ounce.
Gold futures were likely to find support at $1,298.10 an ounce, Thursday's low and resistance at $1,340.90, the high of July 14.
Gold prices strengthened after a Malaysian Airlines passenger jet crashed in eastern Ukraine overnight. All 298 people on board were killed, sharply raising the stakes in a conflict between Kiev and pro-Moscow rebels in which Russia and the West back opposing sides.
The crash came a day after the U.S. and the European Union announced a fresh round of sanctions against Russia, following the annexation of Crimea in April and ongoing tensions in the rest of Ukraine. The U.S. package was the largest round of penalties so far.
The precious metal also found support after Israel announced late Thursday the start of a ground campaign in Gaza after 10 days of aerial and naval bombardments failed to stop Palestinian rocket attacks.
Elsewhere on the Comex, silver for September delivery fell 0.22% to trade at $21.087 a troy ounce, while copper for September delivery dropped 0.57% to trade at $3.203 a pound.