SINGAPORE(BullionStreet): Gold remained steadied near $1590 an ounce in Asian trade Friday and were headed for a second straight weekly gain.
Analysts however said the yellow metal continued to suffer from a possible economic recovery in the US, that reduces gold's safe-haven status.
Spot gold was seen trading at $1591.84 an ounce at 12.00 noon Siangapore time while US gold was seen at $1590.91 an ounce on the comex division of nymex.
They added that some investors remained loyal to gold, counting quantitative easing measures in key economies and lurking risks in the euro zone among reasons to own bullion, a hedge against rising inflation outlook and economic distress.
On Thursday, gold futures finished up slightly as a weaker dollar helped the yellow metal, which lost its sheen as a drop in U.S. jobless claims drew investors to riskier equities.
April gold added $2.30, or 0.1%, to settle at $1,590.70 an ounce on the Comex division of the New York Mercantile Exchange.
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