London — Gold recovered from a two-week low on Wednesday as speculators locked in profit from recent losses, but some analysts expect further weakness due to easing political risks. Spot gold was flat at $1,263.30 by 2pm GMT. Earlier in the session prices hit 1,260.90, their weakest since April 11. US gold futures edged down 0.2% to $1,264.90. Gold has shed about 3% since touching a five-month peak on April 17. "It’s either profit-taking from those who went short or bargain-hunting from people who think the fall was too much, but I wouldn’t say there’s any strong fundamental reason behind it," said analyst Carsten Menke at Julius Baer in Zurich. "You had a decent set of risk factors that supported gold over the past few weeks and I’d argue that most of them are priced out of the market again. That’s why we believe that prices should reach $1,200 over the next three months." Concern has ebbed about French politics after centrist presidential candidate Emmanuel Macron came first in th...
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