Investing.com - Gold prices held steady near two-week highs on Friday, as lower expectations for a near-term U.S. rate hike continued to support the precious metal.
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery were steady at $1,168.70.
The April contract ended Thursday's session 1.54% higher at $1,169.00 an ounce.
Futures were likely to find support at $1,144.90, the low from March 18 and resistance at $1,200.00, the high from March 6.
Gold prices strengthened the Federal Reserve indicated on Wednesday that U.S. economic growth has moderated and that interest rates will rise at a slower pace than previously forecast.
In a statement following its monetary policy meeting, the U.S. central bank also downgraded its forecasts for growth and inflation.
The Fed dropped a reference to being "patient" on the timing of rate hikes, but added that the change in its forward guidance did not mean it has decided on the timing for an initial rate increase.
A delay in raising interest rates would be seen as bullish for gold, as it decreases the relative cost of holding on to the metal, which doesn't offer investors any similar guaranteed payout.
Meanwhile, market participants also continued to focus on developments on the Greek debt front. European Union leaders said earlier Friday that Greece has agreed to establish a new reform plan in the coming days to secure the additional bailout funds required to prevent the country's bankruptcy.
Ahead of the talks, European Parliament President Martin Schulz had warned that Greece’s financial situation was "dangerous", with debt payments looming.
Elsewhere in metals trading, silver futures for May delivery slipped 0.10% to $16.098 a troy ounce, while copper futures for May delivery rose 0.26% to $2.669 a pound.