Gold prices gained on Thursday, as the dollar weakened after the US Federal Reserve said it would end pandemic-era bond buying in March, with investors now awaiting other major central bank meetings.
Spot gold climbed 0.3% to $1,781.60 per ounce by 0437 GMT, while US gold futures rose 1% to $1,782 per ounce.
"Any dollar weakness should see a corresponding rise in gold. The expectation is for a winding back of fiscal and monetary stimulus, if this view is unchanged then it would be reasonable for gold prices to remain below $1,800," said Michael Langford, director at corporate advisory AirGuide.
The dollar index moved lower from a three-week high hit in the previous session.
The US central bank said it would pave the way for three quarter-percentage-point interest rate increases by the end of 2022 as the economy nears full employment and the Fed copes with a surge of inflation.
Reduced stimulus and interest rate hikes tend to push government bond yields up, raising the opportunity cost of holding bullion, which bears no interest.
ECB officials are set to call time on the central bank's Pandemic Emergency Purchase Programme but investors will look to see how the six-year old Asset Purchase Programme may pick up the slack, though rate rises are a way away.
Investors now await US weekly initial jobless claims data due at 1330 GMT.
"(US weekly jobless claims data) in conjunction with inflation data, is likely to reduce the likelihood of ongoing or further stimulus, which will be negative for gold," Langford said.
Silver rose 0.4% to $22.13 per ounce, platinum climbed 0.1% to $919.08, and palladium jumped 3.9% to $1,657.79 per ounce.
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