Gold prices fell just fractionally on Friday, giving back a small chunk of their hefty gains from the prior session, when a drop in the equity market sent investors scurrying for the perceived safety of the precious metal.
In electronic trade, gold for February delivery GCG4 -0.21% was down $2.90, or 0.2%, at $1,259.40 an ounce. March silver SIH4 +0.03% turned lower, slipping 1 cent to $20 an ounce.
Gold on Thursday spiked to its highest close in more than two months, riding not only the retreat stocks, but also a weaker dollar DXY +0.01% and the prospect of India easing curbs on imports.
The gold ETF GLD -0.11% broke through levels not seen since Dec. 10, and moved well above its 50-day moving average.Read more from The Tell .
Separately, platinum for April deliveryPLJ4 -0.21% on Friday shed $4.90, or 0.3%, to $1,458.30 an ounce, though the direction could change if a labor strike in South Africa lingers.
“The radical AMCU union, which represents the majority of workers in the platinum mining industry, is demanding that wages be more than doubled,” said Commerzbank’s Eugen Weinberg. “The strikes are to continue until such time as these demands are met. This could noticeably tighten the situation on the global platinum market.”
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