LONDON: Gold crept higher on Friday as investors opted for the safe haven qualities of bullion due to uncertainty about US and European politics as well as the direction of stock markets.

Global equity markets lost momentum after setting record highs in the previous two sessions, partly due to disquiet about the policies of US President Donald Trump.

Spot gold gained 0.2 per cent to $1,241 per ounce by 1520 GMT, while US gold futures added 0.1pc to $1,242.30. Gold, on track for a third week of gains, has risen nearly 8pc in 2017.

Holdings of SPDR Gold, the world’s largest gold-backed exchange-traded fund (ETF), have risen 5.6pc so far this month, the most since June 2016.

Spot silver fell 0.4pc to $18.01 an ounce. The metal hit its strongest since Nov. 11 at $18.13 in the previous session. Platinum dropped 0.8pc to $1,003.74. Palladium declined 1pc to $784.22.

Published in Dawn, February 18th, 2017