Gold steady as investor focus turns to Fed meet
Gold prices were steady on Friday supported by the uncertainty around the Federal Reserve's policy outlook for next year but the metal was on track to mark its biggest weekly decline in five weeks, as a firmer dollar weighed on the sentiment.
Spot gold was steady at $1,241.99 per ounce, as of 0355 GMT. On Thursday, prices fell to their lowest level since Dec. 7 at $1,239.83.
The metal is down about 0.4 percent so far for the week.
US gold futures were down 0.1 percent at $1,246 per ounce.
There are not many immediate risks at this point of time, therefore some people are holding on to their positions in gold and not liquidating, said Brian Lan, managing director at dealer GoldSilver Central in Singapore.
"Dollar has also strengthened a little... We don't expect gold to do much unless there's something on the Fed decision (on rate hikes)."