Gold futures slipped Friday, losing a little ground as the euro plunged in the wake of the European Central Bank’s aggressive stimulus plan, but losses were limited ahead of Greek elections on Sunday.
Gold for March delivery on fell $3.10, or 0.2%, to $1,298.20 U.S. an ounce, but remains up 1.6% on the week, and continues to trade near a five-month high. March silver fell three cents, or 0.1%, to $18.34 U.S. an ounce.
Gold is holding up well, considering a sharp surge in the dollar that has seen the ICE dollar index, a measure of the U.S. currency against six major rivals, jump more than 1% Friday. The dollar’s gains come in large part at the expense of the euro, which has tumbled sharply after the ECB’s full-fledged quantitative easing program aimed at staving off a deflationary spiral in the euro-zone was revealed Thursday.
