Gold Readies for 3rd Straight Weekly Gain

Gold prices on Friday were set for the third straight weekly gain, as a slight pullback in the American dollar made bullion less expensive for other currency holders, while a drop in U.S. Treasury yields also offered support to the safe-haven metal.

Spot gold was steady at $1,800.85 U.S. per ounce early Friday morning. Prices have risen 0.8% so far this week.

U.S. gold futures were steady at $1,801 per ounce.

The European Central Bank set a new inflation target on Thursday and carved out a major role in the fight against climate change, embarking on a fundamental transformation of Europe’s most powerful financial institution.

Global markets won’t have a violent "taper-tantrum" like they did in 2013 even as the Fed is expected to discuss tapering of asset purchases at its annual gathering at Jackson Hole in August, three strategists at asset management firms said.

Some investors view gold as a hedge against higher inflation that could follow stimulus measures.

Silver eased 0.1% to $25.89 U.S. per ounce, palladium fell 0.4% to $2,794.19 U.S., and platinum edged 0.1% higher to $1,076.12 U.S.