Gold trapped in tight trading as markets asses dollar's movements

Gold prices settled on Friday inside a tight range  of trading as markets assess dollar's movements against a basket of major rivals. 

Recent data showed US economy grew 2.9% in the fourth quarter of 2022, beating estimates of 2.6%, while up from 3.2% in the third quarter.

US consumer spending, an important index for inflation, rose 0.3% last month.

Such data indicate the strength and vitality of the economy, which is reflected in recent statements by the IMF expecting the US recession to avoid recession this year.

The  dollar index rose 0.15% as  of 18:17  GMT  to  101.9,  with a session-high  at 102.1, and  a low  at 101.6. 

Gold spot prices steadied at  $1,929.5 an ounce as  of 18:18 GMT. 

Will the Federal Reserve maintain tight monetary policies?

Global Central Banks in Europe, the US, and England will meet next week to decide on policies.

The Federal Reserve is widely expected to increase interest rates and carry on its policy tightening to control inflation.