FOX LIVE GOLD NEWS UPDATE
PRECIOUS-Gold eases on firmer dollar; but eyes first weekly gain in four
May 11 (Reuters) – Gold prices slipped in range-bound trading on Friday as the dollar firmed slightly, with investors mostly brushing off a potential broadening of conflict in the Middle East.
Spot gold XAU= was down 0.1 percent at $1,319.61 per ounce as of 0656 GMT, after rising to the highest since end-April at $1,322.76 in the previous session. The metal was, however, still on track to register a first weekly rise in four.
U.S. gold futures GCcv1 for June delivery were nearly 0.2 percent lower at $1,320.20 per ounce.
“I think geopolitical concerns (with respect to recent attacks on Syria) are still a concern but investors aren’t paying significant attention to these,” said Naeem Aslam, chief markets analyst, Think Markets.
“The dollar story is more prominent.”
Israel said it attacked nearly all of Iran’s military infrastructure in Syria on Thursday, after Iranian forces fired rockets at Israeli-held territory for the first time in the most extensive military exchange ever between the two adversaries. is traditionally seen as a safe place to park assets in times of uncertainty or conflict.
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