Gold prices were on track for a weekly gain on Friday, supported by the US Federal Reserve's decision to not rush into raising interest rates, which also weakened bond yields.
Spot gold rose 0.1 per cent to $1,793.63 per ounce by 0419 GMT, and was up 0.7 per cent so far in the week. US gold futures gained 0.1 per cent to $1,794.40.
The Fed said on Wednesday it will begin paring its monthly bond purchases with plans to end them in 2022, but stuck to its long-held view that high inflation would prove "transitory" and likely not require a fast rise in interest rates.
The announcement prompted benchmark 10-year US Treasury yields to pull back from recent highs of around 1.6 per cent.
Given the Fed's view and ongoing inflationary pressures, gold should find some support at current levels, ANZ analysts said in a note.
"Still, we expect prices to retreat in 2022 as economic recovery develops," they said.
The Bank of England also kept interest rates on hold on Thursday, wrong-footing investors who had been convinced it would raise borrowing costs.
Gold, which pays no interest, tends to benefit when interest rates are low as it reduces the opportunity cost of holding bullion.
"A lot of investors' interest is still mainly in equity markets and until gold breaks above $1,835, it might not have enough momentum to attract strong interest," said Nicholas Frappell, global general manager at ABC Bullion.
MSCI's gauge of stocks across the world hit a new all-time high on Friday.
Investors now eye US nonfarm payrolls data due later on Friday to gauge the health of the labor market and how that might influence the Fed's outlook on rates.
Spot silver rose 0.2 per cent to $23.82 per ounce and platinum gained 0.4 per cent to $1,029.70.
Palladium climbed 1.5 per cent to $2,030.65 and was on course for its first weekly gain in four.
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