Gold eases in Asia

Gold prices eased on Friday on profit-taking, after breaking above $1,300 in the previous session when US 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.
US 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 (US-North Korea) negotiations will likely add further upside to gold prices given safe-haven demand," Gan said. Gold is often seen as a safe investment during times of political and financial uncertainty, alongside the Japanese yen.