<p>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.</p>.<p>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.</p>.<p>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.</p>.<p><strong>Also Read: <a href="https://www.deccanherald.com/business/economy-business/gold-prices-ease-on-dollar-uptick-as-fed-policy-verdict-looms-1046592.html" target="_blank">Gold prices ease on dollar uptick as Fed policy verdict looms</a></strong></p>.<p>The announcement prompted benchmark 10-year US Treasury yields to pull back from recent highs of around 1.6 per cent.</p>.<p>Given the Fed's view and ongoing inflationary pressures, gold should find some support at current levels, ANZ analysts said in a note.</p>.<p>"Still, we expect prices to retreat in 2022 as economic recovery develops," they said.</p>.<p>The Bank of England also kept interest rates on hold on Thursday, wrong-footing investors who had been convinced it would raise borrowing costs.</p>.<p>Gold, which pays no interest, tends to benefit when interest rates are low as it reduces the opportunity cost of holding bullion.</p>.<p>"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.</p>.<p>MSCI's gauge of stocks across the world hit a new all-time high on Friday.</p>.<p><strong>Also Read: <a href="https://www.deccanherald.com/business/business-news/gold-gleams-as-central-banks-hold-off-on-interest-rate-hikes-1047397.html" target="_blank">Gold gleams as central banks hold off on interest rate hikes</a></strong></p>.<p>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.</p>.<p>Spot silver rose 0.2 per cent to $23.82 per ounce and platinum gained 0.4 per cent to $1,029.70.</p>.<p>Palladium climbed 1.5 per cent to $2,030.65 and was on course for its first weekly gain in four.</p>.<p><strong>Watch the latest DH Videos here:</strong></p>
<p>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.</p>.<p>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.</p>.<p>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.</p>.<p><strong>Also Read: <a href="https://www.deccanherald.com/business/economy-business/gold-prices-ease-on-dollar-uptick-as-fed-policy-verdict-looms-1046592.html" target="_blank">Gold prices ease on dollar uptick as Fed policy verdict looms</a></strong></p>.<p>The announcement prompted benchmark 10-year US Treasury yields to pull back from recent highs of around 1.6 per cent.</p>.<p>Given the Fed's view and ongoing inflationary pressures, gold should find some support at current levels, ANZ analysts said in a note.</p>.<p>"Still, we expect prices to retreat in 2022 as economic recovery develops," they said.</p>.<p>The Bank of England also kept interest rates on hold on Thursday, wrong-footing investors who had been convinced it would raise borrowing costs.</p>.<p>Gold, which pays no interest, tends to benefit when interest rates are low as it reduces the opportunity cost of holding bullion.</p>.<p>"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.</p>.<p>MSCI's gauge of stocks across the world hit a new all-time high on Friday.</p>.<p><strong>Also Read: <a href="https://www.deccanherald.com/business/business-news/gold-gleams-as-central-banks-hold-off-on-interest-rate-hikes-1047397.html" target="_blank">Gold gleams as central banks hold off on interest rate hikes</a></strong></p>.<p>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.</p>.<p>Spot silver rose 0.2 per cent to $23.82 per ounce and platinum gained 0.4 per cent to $1,029.70.</p>.<p>Palladium climbed 1.5 per cent to $2,030.65 and was on course for its first weekly gain in four.</p>.<p><strong>Watch the latest DH Videos here:</strong></p>