WASHINGTON (dpa-AFX) - Gold was steady Friday morning, having seen little movement since the European Central Bank's surprisingly large stimulus plan was announced yesterday.
U.S. gold for March was stuck at $1,296 an ounce, down 4 dollars from the previous session. Gold jumped to 5-month highs just above $1300 earlier in the week, but a rapidly rising dollar has thwarted the rally in bullion.
Analysts say gold may have a hard time extending far beyond $1300 as long as the dollar continues its relentless attack on the euro.
The buck is currently sitting at an 11-year peak near $1.13.
However, concerns about the global economy should sustain gold's safe haven appeal, keeping prices afloat until sunnier times in China and Europe.
There was little sustained reaction to the European Central Bank's plan to spend more than 1 trillion euros to revive growth and combat deflation.
Copyright RTT News/dpa-AFX