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Gold prices erased early gains on Thursday and edged closer to a five-month low, hit in the previous session, as the dollar pared losses against major rivals and traded within sight of its 2018-peak. Spot gold fell 0.1 percent to $1,288.65 per ounce by 0723 GMT, after marking its lowest since December 27 on Wednesday at $1,286.20. US gold futures for June delivery were nearly 0.3 percent lower at $1,288 per ounce.
"Further gold weakness cannot be fully discounted, as the stronger US Treasury yields seen could garner more dollar strength into the month ahead," OCBC analyst Barnabas Gan said. Meanwhile, political uncertainty arising out of North Korea after Pyongyang threatened to pull out of a meeting with the United States was likely limiting downside for gold, investors said.
"The tug-of-war between risk appetite and dollar-strength will be key in determining how gold may move. We have already seen some potential safe-haven buying ... given the potential breakdown in US-Pyongyang talks, despite a stronger greenback," Gan said. Gold prices can gain during times of uncertainty as the metal is seen as a safe place to park assets.

Copyright Reuters, 2018

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