• Gold on Friday steadied near a 3-1/2 week low touched in the previous session, as investors opted for riskier assets amid a surge in U.S. equities and expectations of an interest rate hike by the Federal Reserve later this month.
Spot gold was flat at $1,274.34 an ounce at 0457 GMT. On Thursday, it fell 0.7 percent to touch its lowest since Nov. 6 at $1,270.11. The yellow metal is down 1 percent for the week.
U.S. gold futures were nearly unchanged at $1,273.60.
• "There is a positive mood in the equity market. The U.S. dollar has been strong too (overall). So, it is not beneficial for investors to invest in the commodity market now," said Dick Poon, general manager at Heraeus Metals Hong Kong Limited.
"People are focusing on stocks in the short-term and are also awaiting an interest rate hike by the U.S. Federal Reserve."
• "It has been a slow climb up the stairs over the past month, followed by a leap out of the top floor window for (gold) prices to crash," said Jeffrey Halley, senior market analyst with OANDA.
"It should be of concern to longer-term bulls and underlines the fragile nature of gold's pricing at the moment in the absence of any geopolitical safe-haven factors. With monetary conditions set to tighten next year in many parts of the world, gold may find fewer friends as we head into the last month of the year."
• The Republican tax overhaul stalled on a procedural issue as the Senate debated the legislation late into Thursday and adjourned, putting off any votes until Friday morning. It was unclear if a decisive vote on the bill would occur then.
• In other precious metals, silver was little-changed at $16.42 after matching an Oct. 6 low of $16.30 an ounce in the previous session. It was down 3.2 percent for the week.
• Palladium rose 0.3 percent to $1,009.85 and was up 1.3 percent for the week. Platinum was down 0.1 percent at $940.10 an ounce and fell 0.3 percent for the week.
Reference: Reuters
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