Gold pares gains as dollar steadies, on track for weekly loss
New York (Feb 14) Gold pared gains after rising one per cent on Friday, on track for a small weekly loss, as the dollar steadied following weaker than expected US economic data.
Spot gold rose to a session high of $1,235.20 an ounce and by 3:03 p.m. EST (2003 GMT) was up 0.5 per cent at $1,228.46 per ounce. It was on track to finish the week down 0.4 per cent.
US gold for April delivery edged up $6.40 to settle at $1,227.10 an ounce. The US precious metals floor will shut on Monday for the Presidents' Day holiday, when the COMEX will close early at 1 p.m.
A weaker dollar supports gold by making the dollar-denominated asset cgeaper for holders of other currencies.