Gold is on track for a weekly drop of about 1.5 percent, the biggest weekly percentage fall since the week of March 10, but is heading towards a gain of about 1.3 percent for the month. "Technically gold has not had a great week ... there seems to be some pressure as the risk-on sentiment is still on despite Trump's tax plans disappointing and especially situation in North Korea does not seem to be inflamed," a Hong-Kong based trader said.
"People are pulling out of gold and moving to risky assets like shares and currencies to make profits," said Brian Lan, managing director at gold dealer GoldSilver Central in Singapore. Holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.1 percent to 853.36 tonnes on Thursday. Holdings have fallen over 6 tonnes since Tuesday.