Bengaluru Gold prices eased on Friday on profit-taking, after breaking above $1,300 in the previous session when U.S. President Donald Trump´s decision to call off a meeting with North Korean leader Kim Jong Un triggered safe-haven buying.
Spot gold was down 0.2 percent at $1,301.65 per ounce at 0604 GMT, after climbing nearly 1 percent in the previous session in its biggest one-day percentage rise since April 11. It remains on track for a weekly gain. U.S. gold futures for June delivery fell 0.2 percent to $1,301.40 per ounce.
"It is normal for some profit-taking to ensue after a surge (in prices). Still, gold appears to be anchored in the $1,300-range, especially with the recent uptick in geopolitical tensions," said OCBC analyst Barnabas Gan.
"The sustained uncertainty over (U.S.-North Korea) negotiations will likely add further upside to gold prices given safe-haven demand," Gan said.
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