• Gold fell on Friday on a firmer dollar after U.S. President Donald Trump promised a major tax announcement and as economic data boosted expectations of a U.S. rate hike.
Spot gold was down 0.5 percent at $1,223.93 per ounce by 0711 GMT. On Wednesday, it touched its highest since Nov.11 at $1,244.67.
• "The reversal (in prices) was almost entirely due to the surge in the dollar that took place after President Trump revealed he had a 'phenomenal' tax plan ready for unveiling in a few weeks' time," said INTL FCStone analyst Edward Meir.
"Thursday's trading showed us that (investors) were enamoured more by Trump's general announcement and have not yet bothered to focus on the fine print," Meir said, adding the selloff in gold could be somewhat premature and could reverse course.
• Chicago Federal Reserve President Charles Evans, a voter on policy this year, told reporters it is reasonable to expect the Fed to raise rates three times this year.
However, St. Louis Fed President James Bullard said interest rates could likely remain low through 2017 at least , with no clear sense yet of whether the Trump administration's policies will spark higher inflation or growth.
• "We continue to expect gold to remain supported in the first half of 2017, on the back of risk aversion and global uncertainties," said OCBC analyst Barnabas Gan.
"We continue to place Trump-centric concerns as one of the top concerns on our radar, given the uncertainty surrounding his policies."
• Spot gold may test support at $1,218 per ounce, a break below which could open the way towards the next support at $1,182, according to Reuters technical analyst Wang Tao.
• "$1,200 is a very good support and it is not going to be very easy to bring it down," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.
• Spot silver fell 0.4 percent to $17.56 an ounce.
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