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Commodities Corner: Rising angst around global politics doesn’t move gold like it used to

The recent drop in gold prices to their lowest level of the year may have come as a surprise for some, especially given that geopolitical risks have intensified since the start of the year, but the yellow metal still lacks a good reason to break free from the tight trading range it’s held for months.

After news broke Thursday that President Donald Trump cancelled a planned nuclear summit with North Korea, gold prices GCM8, -0.25%settled at a one-and-a-half-week high of $1,304.40 an ounce. Year to date on Friday, however, they’re down about 0.4%.

“There has always been geopolitical uncertainty, and the risks are real,” says Edmund Moy, a former director of the U.S.

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