Gold futures finish lower Thursday after failing to overcome resistance at the psychologically important $1,300-an-ounce level, but remained on track for a modest weekly gain as a result of overall softness in the dollar.
February gold GCG9, +0.30% fell by $4.60, or 0.4%, to settle at $1,287.40 an ounce after trading as high as $1,298. The yellow metal was up a modest 0.1% in the week to date and has climbed 0.5% so far in January, according to FactSet data. March SIH9, +0.01% fell 9.2 cents, or 0.6%, to fetch $15.643 an ounce.
Analysts said movements in the U.S. dollar continue to be among the biggest factors for gold, with the currency in turn taking its cue from expectations around the Federal Reserve’s rate plans. The dollar has weakened this month on expectations the Fed will be less aggressive than previously thought in tightening monetary policy.