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Gold prices dips slightly after reaching two-week high

© Reuters. – Gold prices retreated slightly on Friday in Asia after reaching a more-than-two-week high on Thursday.

U.S. slid 0.13% to $1,482.55 per ounce as of 10:59 PM ET on Friday (03:59 GMT) after reaching a $1484.95 peak.

Spot Gold prices also dropped 0.03% to $1,478.67.

The political uncertainties caused by U.S. House of Representatives’ voting to impeach President Donald Trump supported gold prices earlier in the week as investors opted to the safe-haven precious metal.

According to Market Watch, Michael Armbruster, managing partner at Altavest, said that “thin holiday trading conditions can result in exaggerated one-day price action” despite a small gain for the week on Thursday.

For now, the gold charts “seem to be telling us that the yellow metal is in a holding pattern and it is only a matter of time before gold moves higher again,” he said.

This year, gold prices were up by around 15% as a result of the Sino-U.S. trade war and the worries of its impact on the global economy.

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