BENGALURU, Dec 22 (Reuters): Gold prices held below a two-week high in thin pre-holiday trade on Friday amid a firmer dollar, but were on track to log a second consecutive week of gains.
Spot gold was down 0.1 per cent at $1,265.65 an ounce at 0346 GMT, after hitting its highest since Dec 6 at $1,268.91 in the previous session. It was up 0.8 per cent for the week. US gold futures slipped 0.1 per cent to $1,269.10 an ounce.
The dollar edged up on Friday though remained on track for weekly losses, while the euro skidded after Catalan vote results indicated a victory for separatists in a blow to Madrid.
"The market's a bit flat due to the holidays and there seems to be some kind of uncertainty around," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.
More than 120 countries defied President Donald Trump on Thursday and voted in favour of a United Nations General Assembly resolution calling for the United States to drop its recent recognition of Jerusalem as Israel's capital.
The US Congress on Thursday averted a government shutdown just one day before federal funding was due to expire, sending Trump a bill to provide just enough money to keep agencies operating through Jan. 19.
The dollar was also supported as Congress had approved the biggest overhaul of the country's tax code in 30 years, which was expected to give at least a short-term lift to economic growth.
Gold hovers below two-week high but eyes 2nd weekly gain
FE Team | Published: December 22, 2017 21:06:00
Gold hovers below two-week high but eyes 2nd weekly gain
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