Economic and labor market improvements are indications taken by the central bank to mean it does not need to begin reducing the monetary stimulus, Charles Evans, president of the Federal Reserve of Chicago, said on Thursday. But the U.S. dollar, after plunging to its lowest level in seven days against six counterpart currencies, did not change much.
Recent released information about the economy might permit "policy makers some time before turning hawkish and admitting future liquidity curbs," according to a Friday report by Andrey Kryuchenkov, an analyst at VTB Capital in London. "This means limited downside in gold with the latest dollar rebound also running out of steam for now."
At 7:57 a.m. on Friday, gold futures were up 0.19 percent, a $2.90 climb to $1,495.30 per troy ounce.
"U.S. dollar weakness and uncertainty surrounding Greece's debt situation were supports," according to a Friday note by Mark Pervan, head of commodity research with ANZ Banking Group.
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