Gold climbed to a 13-month high on Friday before pulling back slightly, as the euro hovered near a three-week peak against the dollar after the European Central Bank signalled it was done reducing interest rates for now. After rolling out bold measures to boost the euro zone economies, including increased asset buying and a deeper cut to deposit rates, ECB President Mario Draghi on Thursday signalled there would be no further rate cuts.
Spot gold rose as far as $1,282.51 an ounce, its strongest since February 3, 2015, and was little changed at $1,270.20 at 0706 GMT. Bullion climbed 1.5 percent on Thursday, its biggest single-day gain in a week, and was on course for a second weekly rise. For the year, gold has added 20 percent. US gold for April delivery eased 0.1 percent to $1,271 an ounce, after peaking at $1,287.80. The next major resistance level for gold would be around $1,308, reached in January last year, said Ric Spooner, chief market analyst at CMC Markets in Sydney.
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