Gold dips

Bengaluru : Gold prices eased 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.