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Gold prices edge lower but remain supported

CommoditiesMay 19, 2017 03:04AM ET
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© Reuters. Gold slips but remains within close distance of 2-1/2 week highs on U.S. worries

Investing.com - Gold prices edged lower on Friday, as investors locked in profits from the precious metal’s recent climb to two-and-a-half week highs amid ongoing concerns over political turmoil in Washington.

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery were down 0.17% at $1,250.78.

The June contract ended Thursday’s session 0.47% lower at $1,252.80 an ounce.

Safe-haven demand was boosted following reports this week that U.S. President Donald Trump asked former FBI Director James Comey to end the agency's investigation into ties between former White House national security adviser Michael Flynn and Russia.

Former FBI Director Robert Mueller was appointed on Wednesday by the Justice Department as a special counsel to take over the probe into Russia's interference in the 2016 election.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.15% at 97.62, just off Thursday’s fresh six-month lows of 97.28.

A weaker U.S. dollar usually supports gold, as it boosts the metal's appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.

Elsewhere in metals trading, silver futures for July delivery gained 0.31% to $16.720 a troy ounce, while copper futures for July delivery edged up 0.14% to $2.535 a pound.

Gold prices edge lower but remain supported
 

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Hiren Patel
garasondiahiren May 19, 2017 1:54PM GMT
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For intraday strategy in precious metals before us open.......sell xau and xag at current rate $1255.50-1257 range and $16.880-900 range and keep sl???..and tgt1 $1245+$16.540.and tgt2 $1232+$16.290.mm---expectation of down trend in next few hours
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