Gold prices inched down on Friday to their lowest in nearly three weeks, with the U.S. dollar gaining against the euro after the European Central Bank extended its bond-buying program.
Spot gold had dropped 0.1% to $1,265.71 U.S. per ounce early Friday morning, after touching its lowest since Oct. 6 at $1,264.45 U.S. It was heading for a weekly decline of about 1%.
U.S. gold futures for December delivery shed 0.2% to $1,266.70 U.S.
Asian shares gained as technology stocks were boosted by upbeat earnings from U.S. high-tech giants while the euro hovered near a three-month low against the dollar after the European Central Bank extended its stimulus.
A strong greenback makes dollar-priced gold costlier for non-U.S. investors. Spot gold may revisit its Oct. 6 low of $1,260.16 U.S. per ounce as it has broken a support zone of $1,271-$1,268, according to some analysts.
A survey of economists found gold is likely to flatline for another year in 2018 as rising U.S. interest rates clip momentum, while silver forecasts were cut again after the metal lagged forecasts in the third quarter. Autocatalyst metal palladium will struggle to maintain its recent push to 16-year highs above $1,000 U.S. an ounce.
Silver prices shed 0.4% to $16.68 U.S. per ounce, platinum dipped 0.5% to $912.60 U.S., while palladium also slipped 0.5% to $964.00 U.S. All three metals were on track for weekly declines.
