Gold prices held firm on Friday on political uncertainty in the United States, but were set for their fourth straight weekly loss due to expectations of an interest rate hike by the U.S. Federal Reserve in June.
FUNDAMENTALS
Spot gold was unchanged at $1,224.63 per ounce at 0103 GMT. It hit an eight-week low of $1,213.81 an ounce on Tuesday.
U.S. gold futures <GCcv1> were also steady at $1,224.50 an ounce.
Gold on MCX settled up 0.09% at 27996 slightly higher in yesterday’s session while unable to sustain early gains amid muted reaction to President Trump's firing of FBI Director James Comey.
Trading Ideas-:
* Gold trading range for the day is 27862-28212.
*Gold settled flat after U.S. President Donald Trump abruptly fired FBI Director James Comey in a move that shocked Washington.
* Rekindled fears that North Korea could be gearing up for another weapons test also supported gold.
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