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 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.
US gold futures 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."
"Obviously we have to be cognizant to dollar risk but (tensions) in the Middle East doesn't look like it's going to settle anytime soon so I feel confident buying gold on the dips," said Stephen Innes, APAC trading head at OANDA said.
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