MTECHTIPS- Gold prices steadied on Friday, but remained below the week’s three-month highs as the dollar pared back some of the gains made in the wake of U.S. President Donald Trump’s promise of a major tax announcement. Gold for February delivery settled down 0.15% at $1,235.0 on the Comex division of the New York Mercantile Exchange. The precious metal was still 1.3% higher for the week. On Wednesday, gold reached its highest level since mid-November at $1,243.9. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was at 100.71 not far from the eleven-day highs of 101.02 set earlier Friday. The index ended the week with gains of 0.95%, the largest weekly percentage gain since mid-December after remarks from Trump indicted that his administration would soon reform tax policy. Trump said Thursday he would be announcing something over the next two or three weeks that would be “phenomenal” in terms of tax. A strong dollar is typically bearish for gold, which is denominated in dollars and struggles to compete with yield-bearing assets when borrowing costs rise. Elsewhere in precious metals trading, silver was at $17.95 a troy ounce late Friday, and ended the week with gains of 2.69%. Copper was up 4.65% at $2.777 a pound and ended the week up 6.03% amid fears over a supply disruption.
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