Gold prices were headed on Friday for a fourth straight weekly gain Friday after the U.S. Federal Reserve stayed investor fears of a faster tightening of monetary policy, though the safe-haven metal was subdued by pressure from a firmer dollar.
Spot gold was flat at $1,827.00 U.S. per ounce early morning, having hit a peak since June 16 at $1,833.65 on Thursday. Bullion gained 1.1% so far for the week.
U.S. gold futures were flat at $1,828.80.
Gold is finding support from lower real rates and the fact that some elements of the market think the Fed is not really going to push the envelope for rate hikes, Innes added.
Lower interest rates decrease the opportunity cost of holding non-yielding gold, also considered a hedge against inflation that could result from widespread stimulus measures.
Elsewhere, palladium rose 0.4% to $2,740.28 per ounce, but was on track for its first weekly decline in four. Platinum eased 0.3% to $1,134.54 U.S. per ounce, but was up 2.8% for the week.
Silver rose 0.1% to $26.34 U.S. and was up 1% for the week.
