Gold steadies

Bengaluru

Gold prices held steady on Friday and were on track for their fourth weekly gain in a row, buoyed by a weaker dollar ahead of the inauguration of U.S. President-elect Donald Trump later in the day.

Spot gold was up 0.1 percent at $1,206.26 per ounce by 0550 GMT, while U.S. gold futures climbed 0.4 percent to $1,206.60 per ounce.

"There is a bit of safe-haven buying ahead of Trump´s inauguration," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.

Trump´s protectionist statements, with mixed promises of tax cuts and infrastructure spending, have increased demand for gold as a safe-haven.

"The incoming U.S. administration is still a relatively unknown factor, certainly in comparison to other incoming administrations in recent decades," HSBC analyst James Steel said in a note.