Precious-Gold ticked down on Friday, yet heading for its second consecutive monthly gain on haven demand after the recent setback in U.S. economic data and emerging markets rout.
Meanwhile, the yellow metal is trading around $1328.99 an ounce after hitting a high of $1333.13 and a low of $1327.85.
The metal’s rally was stopped this week after facing tough resistance at $1345 levels, where a breach to this level is needed to guarantee the continuation of the metal’s recent gains.
So far, the metal has gained around 7 percent this month after advancing 3.2 percent in January, bracing for its longest run since August.
On the weekly basis, the metal may finish this week on a slight gain, similar to last week, after falling from 17-week high.
Perhaps the key contributor to the metal’s advance is the slowdown in U.S. recovery pace after a parade of dismal reports.
Fed Chair Janet Yellen said on Thursday that the central bank is “open to reconsidering” the pace of stimulus reduction should recovery wanes.
Later in the day, investors will focus on U.S. annualized fourth-quarter GDP (second reading), personal consumption and University of Michigan confidence for February (final reading).
On the other hand, political and financial tensions in Ukraine added to emerging markets rout, boosting demand on the metal as a refuge.
However, gold failed to capture strong physical demand on concerns from China, the world’s biggest bullion buyer.
The U.S. dollar resumed its drop on Friday against a basket of major currencies to hover around 80.22 after opening at 80.28, according to the dollar index.
Crude oil for April’s delivery was little changed to trade around near the session’s opening around $102.05 a barrel.