Gold Heads For First Weekly Gain In Three As Fed Signal Hurts Dollar

Gold held firm on Friday near a one-week high hit in the previous session and was on course for its first weekly rise in three as the dollar weakened after the U.S. Federal Reserve signalled no increase in the pace of monetary tightening.
Spot gold was up 0.1 percent at $1,227.11 per ounce by 0308 GMT, after hitting its highest since March 6 in the previous session at $1,233.13.
U.S. gold futures were down 30 cents an ounce at $1,226.80.
The metal rose and the dollar index hit a five-week low on Thursday after the Fed raised U.S. interest rates as expected, but did not flag any plans to accelerate the pace of monetary tightening as some had anticipated.
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