Gold Silver Reports ~ Gold ticked up on Friday, extending gains from the previous two sessions, in spite of solid U.S. inflation data which bolstered hawkish arguments for accelerated monetary policy normalization by the Federal Reserve this year.
On the Comex division of the New York Mercantile Exchange, gold for April delivery wavered between $1,220 and $1,235.20 an ounce, before settling at $1,231.20, up 4.90 or 0.40% on the day. For the week, gold fell slightly by less than $3 an ounce, halting a four-week streak of weekly gains. The precious metal still remains near 12-months highs reached late last week when it surged above $1,260 an ounce. Since the start of the year, gold has surged by more than 15% or $50 an ounce and is on pace for one of its strongest quarters in 30 years.
Gold likely gained support at $1,063.20, the low from January 4 and was met with resistance at $1,260.80, the high from Feb. 11. ~ Neal Bhai Reports