Gold prices held below a two-week high in thin pre-holiday trade on Friday amid a firmer dollar, but were on track to log a second consecutive week of gains.
Spot gold was down 0.1 percent at
$1,265.65 an ounce at 03:46 GMT, after hitting its highest since Dec. 6
at $1,268.91 in the previous session. It was up 0.8 percent for the
U.S. gold futures slipped 0.1 percent to $1,269.10 an ounce.
dollar edged up on Friday though remained on track for weekly losses,
while the euro skidded after Catalan vote results indicated a victory
for separatists in a blow to Madrid.
"The market's a bit flat due
to the holidays and there seems to be some kind of uncertainty around,"
said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.
than 120 countries defied President Donald Trump on Thursday and voted
in favor of a United Nations General Assembly resolution calling for the
United States to drop its recent recognition of Jerusalem as Israel's
The U.S. Congress on Thursday averted a government
shutdown just one day before federal funding was due to expire, sending
Trump a bill to provide just enough money to keep agencies operating
through Jan. 19.
The dollar was also supported as Congress had
approved the biggest overhaul of the country's tax code in 30 years,
which was expected to give at least a short-term lift to economic
Asian stocks edged up on Friday as new data pointed to steady growth in the U.S. economy.
the tax reform, people are waiting to see if it's good for the U.S
economy in the coming months ... people don't want to do anything about
it for the time being," Leung said.
"Next week as well, unless
there's an exciting event, I think we'll be quiet," he said, adding
support for the yellow metal comes in around $1,260 an ounce and
resistance at $1,270.
The Moscow Exchange will launch deliverable
futures for gold in 2018 in a move to further prop up bullion market
liquidity, bourse chief executive Alexander Afanasiev said on Thursday.
In other precious metals, silver was little changed at $16.11 an ounce and platinum was 0.6-percent lower at $910.30 an ounce.
was unchanged at $1,038 an ounce, hovering close to its highest level
since February, 2001, touched in the previous session at $1,039.25 an