Gold steadies

Bengaluru: Gold prices were steady in Asian trade on Friday, poised for their first weekly gain in four, as the dollar sagged on concerns about the progress of U.S. tax reform.

Spot gold was nearly unchanged at $1,253.20 an ounce, as of 0054 GMT, after dipping 0.2 percent in the previous session. Bullion was on track for its first weekly gain in four weeks. U.S. gold futures edged down 0.1 percent at $1,255.70.

The dollar was on the defensive on Friday after wrangling over a bill to change the U.S. tax code dented confidence, while the euro sagged after the European Central Bank signalled it would maintain stimulus for as long as needed. Asian shares edged higher on Friday, on track for weekly gains, though sentiment was kept in check by Wall Street´s weakness.