Gold futures on the COMEX division of the New York Mercantile Exchange fell on Friday as profit- taking caused a slip. The most active gold contract for August delivery fell 1.8 U.S. dollars, or 0.13 percent, to settle at 1337. 4 dollars per ounce.
Gold was up Thursday to the highest level since March, in part due to safe haven demand spurred by a troubled Portuguese bank. Major stock indices in Europe closed down sharply Thursday as investors jittered over delayed payments on short-term debt of Banco Espirito Santo, a leading Portuguese lender.
Analysts believe that traders will use gold as a safe-haven in the short term and that there is some demand but not on a large scale. They say gold is approaching the top level of its range and do not believe that gold can move much higher without additional supportive data.
Silver for September delivery lost 4.7 cents, or 0.22 percent, to close at 21.461 dollars per ounce. Platinum for October delivery lost 3.2 dollars, or 0.21 percent, to close at 1513.8 dollars per ounce.