Investing.com - Gold futures slid lower on Friday, but remained supported by growing expectations that the Federal Reserve will maintain the current level of its monthly bond purchases for the time being.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,281.6 a troy ounce during European afternoon trade, down 0.37%.
The December contract ended 1.41% higher on Thursday to settle at USD1,286.3 a troy ounce.
Gold prices found support on Thursday, after Federal Reserve Chair nominee Janet Yellen defended the central bank's stimulus measures to bolster growth and called efforts to boost hiring an "imperative".
Answering questions before the Senate Banking Committee, Yellen said she would press forward with the central bank's ultra-easy monetary policy until officials were confident a durable economic recovery was in place that could sustain job creation.
The comments added to expectations that the Fed's monthly bond purchases may remained unchanged for an extended period of time.
Market players have closely been looking out for U.S. data reports recently to gauge if they will strengthen or weaken the case for the Fed to reduce its bond purchases.
Elsewhere on the Comex, silver for December delivery dropped 0.50% to trade at USD20.620 a troy ounce, while copper for December delivery slipped 0.26% to trade at USD3.152 a pound.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,281.6 a troy ounce during European afternoon trade, down 0.37%.
The December contract ended 1.41% higher on Thursday to settle at USD1,286.3 a troy ounce.
Gold prices found support on Thursday, after Federal Reserve Chair nominee Janet Yellen defended the central bank's stimulus measures to bolster growth and called efforts to boost hiring an "imperative".
Answering questions before the Senate Banking Committee, Yellen said she would press forward with the central bank's ultra-easy monetary policy until officials were confident a durable economic recovery was in place that could sustain job creation.
The comments added to expectations that the Fed's monthly bond purchases may remained unchanged for an extended period of time.
Market players have closely been looking out for U.S. data reports recently to gauge if they will strengthen or weaken the case for the Fed to reduce its bond purchases.
Elsewhere on the Comex, silver for December delivery dropped 0.50% to trade at USD20.620 a troy ounce, while copper for December delivery slipped 0.26% to trade at USD3.152 a pound.