Investing.com - Gold prices rose in U.S. trading on Friday on reports of rising physical demand in Asia, while a firming euro also allowed for modest gains in a quiet session.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery were up 0.25% at USD1,395.95 a troy ounce in U.S. trading on Friday, up from a session low of USD1,385.65 and down from a high of USD1,424.55 a troy ounce.
Gold futures were likely to test support USD1,337.25 a troy ounce, Thursday's low, and resistance at USD1,424.55, the earlier high.
Reports of rising demand for physical gold sent futures rising on Friday as did the euro's gains against the dollar.
ECB Governing Council member Jens Weidmann told the Wall Street Journal earlier this week that monetary authorities could cut interest rates if economic and inflation data indicated that policy loosening may be warranted, though he added that monetary policy is already quite expansionary.
By Friday, however, Weidmann reiterated that rate cuts were possible but only if data worsened, which bolstered the single currency's appeal against the greenback, often a recipe for rising gold prices.
Gold and the dollar tend to trade inversely from one another.
Elsewhere on the Comex, silver for May delivery was down 1.19% at USD22.968 a troy ounce, while copper for May delivery was down 1.71% and trading at USD3.150 a pound.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery were up 0.25% at USD1,395.95 a troy ounce in U.S. trading on Friday, up from a session low of USD1,385.65 and down from a high of USD1,424.55 a troy ounce.
Gold futures were likely to test support USD1,337.25 a troy ounce, Thursday's low, and resistance at USD1,424.55, the earlier high.
Reports of rising demand for physical gold sent futures rising on Friday as did the euro's gains against the dollar.
ECB Governing Council member Jens Weidmann told the Wall Street Journal earlier this week that monetary authorities could cut interest rates if economic and inflation data indicated that policy loosening may be warranted, though he added that monetary policy is already quite expansionary.
By Friday, however, Weidmann reiterated that rate cuts were possible but only if data worsened, which bolstered the single currency's appeal against the greenback, often a recipe for rising gold prices.
Gold and the dollar tend to trade inversely from one another.
Elsewhere on the Comex, silver for May delivery was down 1.19% at USD22.968 a troy ounce, while copper for May delivery was down 1.71% and trading at USD3.150 a pound.