Gold prices fell on Thursday as the dollar strengthened, but uncertainty surrounding the impact of Britain’s departure from the European Union and the upcoming French elections offered some support.
Gold is witnessing a correction after failing to break above its 200-day moving average around the $1,260 level, analysts said.
“But prices are not likely to witness a big drop particularly because of the Brexit and French elections as they (are offering) very good support for gold at this time,” said Brian Lan, managing director at gold dealer GoldSilver Central in Singapore.
Spot gold was down 0.2 percent at $1,249.85 an ounce by 0419 GMT. U.S. gold futures were 0.4-percent lower at $1,249.30.
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