Gold Holds Steady

Gold futures closed with little loss Friday, reacting on the US dollar, but being buoyed by several factors, traders said.

The April futures settled down just 20 cents to $428.40 on the Comex. They spent the day and electronic sessions combined in a range of just $2.40, from $427 to $429.40.

But the fact that the losses were limited at the time suggests it has some support, pointed out Peter Schiff, president of Euro Pacific Capital.

"Gold looks strong," he said. "Even when the dollar was rallying this
morning, gold was not selling off. It's right below a key level. If it moves higher by a buck or so (from its session highs), it will break out."