Gold prices were mostly unchanged on Friday, with investors waiting for cues from speeches by US Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi at a gathering of central bankers in the United States. Spot gold was unchanged at $1,286.65 an ounce by 0650 GMT, after dropping nearly 0.3 percent in the previous session.
US gold futures for December delivery were flat at $1,291.80 per ounce. Although no new policy messages are expected from either Yellen or Draghi, investors will be watching for clues on their outlook on monetary policy and interest rates. "Gold markets are basically in a holding pattern. They would
be carefully scrutinising comments from the Federal Reserve and European Central Bank officials as to their outlook for inflation, and resultant monetary policy stance," said John Sharma, economist at National Australia Bank. Spot gold looks neutral in a range of $1,282-$1,289 per ounce, and an escape could suggest a direction, Reuters technical analyst Wang Tao said.
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