Mubasher: Gold prices declined on Friday as investors locked in profits after the European Union (EU) and the UK clinched a new Brexit deal, despite some support from uncertainties over trade talks and the global economy, according to Reuters.

By 11:28 am GMT, spot gold fell by 0.27% to $1,487.85 per ounce, while US gold futures dropped by 0.59% to $1,89.40 per ounce.

“Gold will be range-bound until and unless we have some clarity on Brexit and other geopolitical risks,” Singapore-based dealer GoldSilver Central managing director Brian Lan was quoted by Reuters as saying.

The EU backed a new deal with the UK, giving a push to Asian shares earlier in the day, yet weak growth figures from China kept a lid on gains.

However, while progress on Brexit was hailed by markets, uncertainty remained as to whether Prime Minister Boris Johnson will be able to get the parliamentary approval for his new deal and take the UK out of the bloc by 31 October.

Furthermore, worries over the trade tensions between the US and China continued, with China reporting the fifth consecutive quarterly slowdown in the third quarter.

The US dollar was near eight-week low, lending the precious metal support.

The dollar index, a gauge of the greenback against a basket of six major peers, was last seen declining by 0.10% at 97.5050.

GoldSilver Central’s Lan expected gold to trade around $1,475 per ounce to $1,503 per ounce on the short term.