Gold reversed course in Asia on Friday with investors awaiting further details on U.S. spending priorities to be set by president-elect Donald Trump that could drive demand for precious and industrial metals.
Gold for December delivery on the Comex division of the New York Mercantile Exchange fell 0.41% to $1,261.25 a troy ounce and silver futures for December delivery dropped 1.09% to $18.532 a troy ounce.
Elsewhere in metals trading, copper dropped 0.16% to $2.541 a pound after recent sharp gains. The metal is regarded as a leading indicator of the global economy. It is used in the construction of buildings, power generation and transmission and the manufacture of consumer electronics.
A day earlier, gold futures surged by as much as 4.7% to a six-week peak of $1,338.30, before falling back to end at $1,273.50, as financial markets recovered to show surprise gains in the wake of Republican Trump's shock presidential victory.
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