Gold prices steadied on Friday, supported by an easing dollar and falling equities even as comments from global central banks suggested monetary tightening in Europe and Canada.
Spot gold was nearly flat at $1,245.08 per ounce at 0104 GMT. It was set to end about 1 per cent lower for the week, about 2 per cent lower for month. For the quarter, gold is down 0.3 per cent. US gold futures for August delivery fell 0.1 per cent to $1,245.10 per ounce.
The dollar extended its losses on Friday as major central banks signalled that the era of cheap money was coming to an end in a boon to sterling, the euro and Canadian dollar, while Asian shares were hit by the dismal performances of European and US markets.
The world's top central bankers have delivered what seems to be a collective message this week that quantitative easing is being put back in its box and interest rates are going up - and global markets are taking note.
British Prime Minister Theresa May won the backing for her policy programme with a slender parliamentary majority on Thursday in the first test of her authority after an election setback and growing pressure on her Brexit and austerity agenda.
Gold premiums jump
Gold premiums in India jumped to the highest level in 7-1/2 months this week as consumers advanced purchases to avoid paying higher tax when a new nationwide sales tax takes effect from July 1.
Gabriel Resources Ltd will seek $4.4 billion in damages from Romania for the losses related to its long-stalled Rosia Montana gold mine project in a claim that the Canadian miner plans to file Friday with a World Bank Tribunal.
Mali exported more than 16 tonnes of artisanally mined gold in the first four months of this year, the mines minister had said on Thursday citing customs data, and is on track to export 50 tonnes for the year, equalling industrial output.
The US economy slowed less than feared in the first quarter due largely to a jump in consumer spending, providing a slightly more encouraging outlook for growth this year.