TOKYO - Gold prices steadied near $US1,050 per ounce as the US dollar remained pressured and kept bullion's appeal as an alternative asset to the US currency.
Fundamentals
Spot gold was up 0.1 per cent at $US1,046.30 per ounce as of 2355 GMT Thursday, compared to New York's notional close of $US1,044.95. At current levels, gold was set for a 1 per cent drop on the week.
US gold futures for December delivery were unchanged from $US1,047.10 an ounce on the COMEX division of NYMEX.
Gold rose toward $US1,050 an ounce on Thursday, gaining 2 per cent after data showing US economic growth knocked the dollar and sent Wall Street into rally mode.
Other precious metals rose sharply in gold's wake, with silver climbing more than 3 per cent, platinum nearly 2 per cent and palladium nearly 3 per cent.
The world's largest gold-backed exchange-traded fund, SPDR Gold Trust , said its holdings stood at 1,104.434 tonnes as of October 29, unchanged from the previous business day, after falling for three days in a row.
Market news
US stocks logged their best one-day percentage gain in three months on Thursday as investors saw data showing the US economy returned to growth in the third quarter as brightening the outlook for profits.
The dollar stayed under pressure on Friday after falling the previous day when data showing the US economy expanded in the third quarter for the first quarterly growth in over a year eroded the greenback's attraction.
