LONDON: A weaker dollar helped gold prices to steady on Friday, after bullion fell more than 1 per cent in the previous session, and the metal was heading for its first weekly gain in three weeks on dovish central banks and tumultuous stock markets.

Spot gold rose 0.1pc to $1,293.87 per ounce as of 1119 GMT, after touching a one-week low on Thursday. Prices have gained 0.2pc so far this week.

US gold futures increased by 0.3pc to $1,297 an ounce.

“Gold has near-term support at $1,285 and huge resistance at $1,350,” Trivedi said.

Gold saw some support from Chinese central bank buying and dovish views from major central banks. But US economic data boosted the dollar and triggered a sell-off in gold on Thursday, taking down the key $1,300 level.

Gold’s break below $1,300 will be seen as a negative bias in charts used by technical traders, analysts and traders said.

Gold may end its bounce around resistance at $1,297, and then retest support at $1,291, Reuters technical analyst Wang Tao said.

“Over the near term, price action will focus upon the 10-day moving average at $1,287, while a break below this level would potentially bring the 200-day moving average of $1,250 into play. Resistance levels initially cut in at $1,300.”

Silver was up 0.1pc on the day at $14.97 an ounce, but down about 0.3pc for the week, its third straight weekly drop. Spot platinum rose about 1.4pc to $900 per ounce, heading for its fifth straight weekly gain. Palladium was up about 0.6pc at $1,373.50 per ounce.

Published in Dawn, April 13th, 2019