Gold futures were still steady on Friday. The bullion eased from its highs for three weeks on the previous session which brought it back on track for two consecutive weeks of gains. The movement of the dollar also influenced the price of the yellow metal.
The greenback was on its way for weekly declines as it was depreciated versus the euro in almost two years. This is after the European Central Bank (ECB) President Mario Draghi suggested that its policy makers would talk about changing their monetary program but didn’t mention any specific season. The central bank left its bond-buying policy unchanged last Thursday and did not tackle about recovering stimulus. This shows a possible delay on its decisions on narrowing its monetary policy.
Meanwhile the Bank of Japan decided to keep its monetary stimulus steady on the previous day; however it pushed back the timing for attaining its inflation target. This strengthened expectations that BoJ will be behind other major central banks in terms of a monetary policy scale back.
Looking on metal prices, U.S. gold futures dropped more than 0.15 percent to settle at $1,243.60 an ounce for its August delivery and spot gold was slightly lower by 0.04 percent to trade at $1,243.80 an ounce. Spot gold notched a three-week high in the previous session at $1,247.48 an ounce and has been rising as much as 1.3 percent in the week.
Indian electronic company Paytm is planning to sell 5 tonnes of gold that are valued about $200 million this 2017 as it attempts to establish a feasible business from its platform.