LONDON, April 11: Gold steadied on Friday despite positive factors such as a weaker dollar and a rise in oil, and analysts said the market was looking for price triggers to break the current trading range.

The catalyst could come from sharp changes in the currency and the energy markets or heavy buying form investment funds, betting on strong returns in the long term, they said.

Gold was quoted at $924.90/925.70 an ounce against $925.90/926.70 in New York late on Thursday and a record high of $1,030.80 on March 17.

The ECB held rates at 4 per cent as expected on Thursday, with President Jean-Claude Trichet balancing upside price risks with downside growth concerns.

That suggests gold may look to spend some more time consolidating above $900 an ounce, he said in a report.

Gold struck a record high above $1,000 an ounce last month but has since struggled to sustain the uptrend, with a broad commodities pullback dragging the price down.

But the metal had potential to jump again, analysts said.

They said that as fears of inflation lingered, gold’s appeal as a hedge was likely to rise, while expectations of further rate cuts in the United States also made the metal an attractive choice for investors seeking an alternative asset.

Precious metals consultancy GFMS Ltd said this week the factors supporting prices over the last few months, such as the credit market crisis, would remain in place and investors would continue to look at bullion for strong returns.

In other markets, U.S. gold futures for June delivery fell $3.1 an ounce to $928.70 an ounce.

Spot platinum fell to $2,005/2,015 an ounce from $2,024/2,032 in New York, silver was flat at $17.95/18.00 and palladium fell to $458/463 from $458.50/463.00.

We forecast prices to average $2,100/oz in Q2 as platinum supplies are heavily dependent on South Africa and the delicate power supply situation as well as mine safety concerns leave mine output extremely susceptible to potential disruptions.—Reuters