NEW YORK: Gold edged lower on Friday on a lack of any further stimulus from the European Central Bank and the US government, but the safe-haven commodity was set to end the week higher on concerns over an economic recovery. Spot gold eased 0.3% at $1,948.80 per ounce by 10:56 a.m. EDT (1456 GMT), prices were up 0.8% so far this week. US gold futures fell 0.4% to $1,957.10.
"There was a bit of disappointment with the ECB, because of expectations that we're going to see more stimulus, however despite that gold is holding up pretty nicely," Edward Moya, senior market analyst at broker OANDA, said.
ECB President Christine Lagarde on Thursday took a modestly upbeat view on Europe's recovery and refrained from signalling that the bank would expand stimulus.
"We are transitioning into a post-covid type of environment, that means we're not going to be pumping out the same stimulus, that signals to the market that things are going to be a little different going forward," said Daniel Pavilonis, senior market strategist at RJO Futures.
Elsewhere, silver rose 0.1% to $26.93 per ounce, while palladium rose 1.2% to $2,320.67. Platinum climbed 1.2% to $937.06 and was heading for its best week since the week ending Aug. 7, up 4.6%.
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