Gold

Gold prices dropped slightly on Friday, but still remained above $1,300 per ounce as investors digested news of U.S. President Donald Trump saying a meeting with North Korea's leader could still go ahead.

Spot gold lost 0.1 percent at $1,303.34 per ounce, yet was on track for a weekly gain of 0.9 percent, its biggest since March. Spot gold earlier hit a 10-day high at $1,307.80. U.S. gold futures for June delivery settled down 70 cents, or 0.1 percent, at $1,303.70 per ounce. Heading into a long holiday weekend in the United States, trading activity was virtually mute.

On chart, the 5-day moving average is about to form a golden cross with the 10-day moving average. But a sustained rally will be determined by the progress on the U.S.-North Korea summit. Gold will find resistance at the 200-day moving at $1,307 at first.

Silver

Silver lost 0.6 percent at $16.53 per ounce, headed for a weekly gain of 0.4 percent. It earlier hit $16.70, a 1-1/2-week high. It crossed below the 100-day moving average of $16.65 and the 50-day moving average of $16.54 successively, paring most gains. The white metal is most likely to trade between $16.45-$16.71.

 
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                       Huang Han