Gold prices rose on Friday in Asian trade, setting the metal on course for a third week of gains as weaker stock markets spurred investors to seek refuge in bullion, which also gained technical momentum after scaling key milestones. Spot gold added 0.3 percent to $1,228.31 per ounce by 0958 GMT. The metal has gained 0.9 percent so far this week, after hitting a 2-1/2-month high at $1,233.26 on Monday. US gold futures were up 0.1 percent at $1,231.50 an ounce.
"Gold has done really well to hold up here, given the Fed was really hawkish. Sensitivity to equity markets is helping gold at the moment," said Macquarie commodity strategist Matthew Turner. Holdings of the SPDR Gold Trust, the largest gold-backed ETF, have gained 2.5 percent in the past two weeks.
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