Gold prices held steady on Friday near 3-1/2-month highs hit in the previous session amid tempered expectations of a U.S. rate hike in March and as investors awaited clarity on President Donald Trump’s economic policy.
Spot gold was mostly unchanged at $1,249.37 per ounce at 0326 GMT after hitting its highest since Nov. 11, 2016 at $1,251.14 in the previous session. The metal has gained more than 1 % so far this week. U.S. gold futures were also firm at $1,250.80. www.ripplesadvisory.com.
Spot gold may gain more to $1,278 as it has more or less broken above a resistance at $1,249, Reuters technical analyst Wang Tao said.
“Thursday’s action showed us that gold bugs assumed that the U.S. Federal Reserve will likely stand pat in March and may not move until much later,” INTL FCStone analyst Edward Meir said.