Gold retained overnight gains on Friday and looked set to snap a three-week losing streak on weaker equities, but it continued to be in danger of breaking below the key $1,200-an-ounce level as the dollar was poised for an eleventh week of gains.
Spot gold was steady at $1,223.10 an ounce by 0035 GMT, on track for a gain of 0.5 percent for the week. Gold rose 0.5 percent on Thursday, rebounding sharply from a nine-month low touched earlier in the session, as a sharp sell-off in U.S. equities prompted investors to buy bullion as a safe haven.
Investors will be focused on the U.S. GDP data to be released later today to gauge the strength of the economy and its impact on the Federal Reserve’s monetary policy.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.