Gold Prices Steady, Bolstered by Lacklustre U.S. Data

Gold prices were steady after posting their best quarter in a year, buoyed by tepid economic data from the U.S. and dovish comments from Federal Reserve officials on Friday.

Spot gold was mostly flat at $1,2480.50 an ounce while U.S. gold futures settled at $1,251. Spot gold touched a quarterly gain of nearly 8.4 percent on Friday, posting its best quarter in a year.

The U.S. mint sold 21,000 ounces of American Eagle gold coins in March, lower by 23.6 percent from the month earlier, according to new data. The demand for the precious metal in India increased this week as a result of a festival and as local prices adjusted to an appreciating rupee, while higher prices held demand elsewhere in Asia.

Hedge funds and money managers increased their net long position in COMEX gold for the second consecutive week in the week to March 28, and raised it slightly in silver, according to U.S. Commodity Futures Trading Commission data on Friday.

News are provided by InstaForex