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Gold retreats after four sessions of gains, as global tensions recede

UNITED STATES (OBSERVATORY) –¬†Gold prices fell on Thursday to end a four-session losing streak, weighed down by global political tensions.

Gold fell 0.2 percent to $ 1346.12 an ounce by 1738 GMT, while the metal futures contract in June delivery fell $ 4.70 or 0.4 percent to settle at $ 1348.80 an ounce.

US President Donald Trump said on Wednesday he hoped a summit with North Korean leader Kim Jong-un would be successful, while Western missile strikes in Syria were narrower than some feared.

Earlier this week, a senior administration official said Trump had postponed further sanctions on Russia.

Among other precious metals, spot silver rose 0.6 percent to $ 17.25 an ounce after touching its highest level since February 1 at $ 17.35 an ounce.

Silver was the worst performer among precious metals over the past six months, with little change from 4.5% for gold and 7.7% for palladium.

Platinum fell 0.2 percent to $ 933.24 an ounce, after touching a three-week high of $ 953.50 an ounce earlier on Thursday.

Palladium fell 0.3 percent to $ 1,032.40 an ounce, after reaching a record high of $ 1057.20 an ounce since Feb. 27.