Easing Uncertainty Knocks Down Gold Prices

The political uncertainty that had been driving gold prices quelled Friday, sending gold prices downward after a day of strong gains.

Spot gold slipped 0.1% to $1,237.61 U.S. per ounce, while U.S. gold futures dropped $2.40 to settle at $1,237.80.

Despite Friday's losses, the shiny yellow metal is on track for a third straight week of gains, climbing about 7.5% for 2017.

Concern over President Trump's policies, as well as elections in the Netherlands, France and Germany this year, fueled gold's rise to a peak of $1,244.67 U.S. on Feb. 8, the strongest in nearly three months.

Some prognosticators expect gold to hit $1,300 U.S. an ounce by year end.

Spot silver dipped 0.3% to $18.04 U.S. an ounce, having hit its strongest since Nov. 11 at $18.13 U.S. in the previous session.

Platinum slipped 0.7% to $1004.90 U.S.

Palladium was down 1.5% to $780.40 U.S. The metal, used in emission-controlling catalytic converters for the automotive industry, touched its peak since Jan. 24 at $794.90 in the prior session, having gained more than 16% so far this year.