Gold up, poised for weekly gain

Gold climbed up on Friday in Asia and was headed for a weekly gain. Investors were also mulling over recent policy decisions from the Bank of England (BOE) and the U.S. Federal Reserve.

Gold futures crept up 0.06% to $1,794.65 by 11:58 PM ET (3:58 AM GMT). The yellow metal is on track for its second weekly gain in three weeks, with an increase of 0.7%.

The BOE’s interest rates remained steady at 0.10% as it handed down its policy decision on Thursday. The bank’s move took investors by surprise as they had bet that BOE would be among the first major central banks to increase interest rates since the outbreak of the coronavirus.

The Fed announced yesterday that it would begin asset tapering but remain “patient” on interest rates as it handed down its policy decision. The central bank also reaffirmed its view that inflationary pressures are only temporary.

In other precious metals, silver and platinum edged up 0.3% and 0.2%, respectively, while palladium went up 0.4%.