Gold edged down on Friday, as the U.S. dollar steadied above a five-month low, but the metal remained on track for a weekly gain after the Federal Reserve scaled down rate hike expectations.
Spot gold was down 0.3% near midday Friday to $1,253.46 U.S. an ounce, while U.S. gold futures for April delivery fell 0.9% to $1,254.30 U.S. an ounce. Spot gold was up around 0.3% on the week.
The U.S. central bank held interest rates steady on Wednesday and hinted it would tighten policy this year, however, fresh projections showed Fed members expect two quarter-point increases by year-end, half the number originally forecast in December.
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