22.02.201914:57:00UTC+00Gold Futures Settle Higher As Dollar Eases

Gold futures settled higher on Friday, with prices edging up after the dollar weakened against some major currencies.

The dollar index was down by about 0.2% at 96.44, with several members of the Federal Reserve suggesting that the balance sheet would be used a tool to combat potential headwinds in the labor market or pace of inflation.

However, the greenback's slide was just marginal thanks to continued optimism about U.S. and China agreeing on a trade in the foreseeable future.

Speaking at a conference in New York, the Federal Reserve Vice Chair Randal Quarles said that the central bank remains committed to its dual mandate of full employment and keeping inflation at a healthy level.

Gold futures for April ended up $5.00, or 0.4%, at $1,332.80 an ounce.

On Thursday, gold futures for April ended down $20.10, or about 1.5%, at $1,327.80 an ounce, suffering their biggest single-day loss in about six months.

Gold futures gained about 0.8% in the week, extending gains from previous week. Gold prices hit a ten-month high of $1,346.73 on Wednesday.

Silver futures for March ended up $0.113, at $15.914 an ounce, while Copper futures for March settled at $2.9515 per pound, gaining $0.0545 for the session.