Jan 29 (Reuters) - Gold prices were steady on Friday as
investors waited for developments around a U.S. stimulus
package, although the metal was on course to post a weekly and
monthly decline hurt by a stronger dollar.
FUNDAMENTALS
* Spot gold XAU= was unchanged at $1,840.91 per ounce by
0058 GMT. Prices were down 0.6% for the week and 2.9% for the
month. U.S. gold futures GCv1 rose 0.1% to $1,839.70.
* The dollar .DXY rose 0.2%, making gold expensive for
holders of other currencies.
* The greenback has risen 0.8% for the month helped by
higher U.S. Treasury yields. Higher yields on bonds make gold a
less attractive investment because it pays no interest. USD/
* U.S. jobless claims fell in the latest week, while
fourth-quarter gross domestic product figures met expectations.
* The International Monetary Fund urged that fiscal support
should stay in place until an economic recovery is firmly
underway even as global debt likely reached 98% at the end of
2020. * A $1.9 trillion U.S. coronavirus stimulus deal proposed by
President Joe Biden is yet to be passed. * Global gold demand for gold fell to its lowest in 11 years
in 2020, while India's consumption fell to its lowest in 26
years, the World Gold Council said on
Thursday. * Holdings of the world's largest gold-backed
exchange-traded fund, SPDR Gold Trust GLD fell 0.4% on
Thursday. GOL/ETF
* Silver XAG= dropped 0.7% to $26.18 an ounce, having
risen 4.5% on Thursday, after some traders moved to cover short
positions on rumours about a GameStop-style squeeze driven by
retail investors. * Silver was on track to post its best week since week ended
Dec. 18, up 2.8%.
* Platinum XPT= gained 0.3% at $1,073.68 and palladium
XPD= rose 0.4% to $2,344.17.
DATA/EVENTS AHEAD (GMT)
0630 France GDP Preliminary QQ Q4
0900 Germany Unemployment Change, Rate SA Jan
0900 Germany GDP Flash QQ SA, YY NSA Q4
1330 US Consumption, Adjusted Dec