Gold remained steady on Friday with global political uncertainty, the upcoming elections in Europe in particular, seen supporting prices of the yellow metal, driving the metal to its best quarter in a year. Spot gold was little changed at $1,242.90 per ounce at 0716 GMT. It was on track to finish March down about 0.5 percent, its first monthly decline this year.
However, spot prices were set for their best quarter since the quarter ended March last year, gaining about 8 percent. "In the short term, factors including a strengthening dollar could pull prices down to around the $1,230 an ounce range," said Yuichi Ikemizu, head of commodity trading at Standard Bank in Tokyo.
"However, the fundamentals are still bullish for gold, especially with the upcoming elections in France and elsewhere in Europe. So prices are not really expected to go much lower from here" US gold futures fell 0.2 percent to $1,242. Spot gold may fall into the range of $1,235-$1,236 per ounce, as suggested by its wave pattern and a Fibonacci ratio analysis, according to Reuters technical analyst Wang Tao.
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