Investing.com – Gold prices were roughly unchanged on Friday struggling to take advantage of a slump in the dollar, following continued political uncertainty in Washington as Steve Bannon resigned from his role as White House chief strategist.
Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose $0.91 or 0.07%, to $1,293.28 a troy ounce.
Gold started the session on the front foot hitting a nine-month high of $1,306.14, before pairing losses, as safe-haven demand grew in the wake of ongoing U.S. political uncertainty, after Steve Bannon resigned from his post as White House chief strategist, according to a White House official.
"White House Chief of Staff John Kelly and Steve Bannon have mutually agreed today would be Steve's last day. We are grateful for his service and wish him the best," White House press secretary Sarah Huckabee Sanders said in a statement.
The latest twist in the US political saga follows a week of setbacks for President Trump, after the disbandment of two high-profile business advisory councils over his remarks on violence in Virginia raised doubts over his ability to push through his pro-economic agenda.
“Trump’s domestic behavior is making investors nervous about how he will handle delicate foreign issues, even though talk of firing nuclear missiles on North Korea has eased,” Maxwell Gold, director of investment strategy at ETF Securities said in emailed comments.
Other precious metals failed to take advantage of the slump in the dollar, as silver futures fell 0.22% to $17.02 an ounce while platinum futures gained 0.15% to $983.15 an ounce.
Copper traded at $2.93, down 0.14%, while Natural Gas fell 1.09% to $2.897.