Gold pares gains as dollar steadies, on track for weekly loss

February 14, 2015

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.

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