Gold
held on to sharp overnight gains on Friday and was headed for a weekly
rise after two straight declines, after the European Central Bank
launched a series of measures to pump money into the sluggish euro zone
economy.Investors refrained from taking big positions in early trading as they were eyeing U.S. nonfarm payrolls report later in the day for a gauge on the world's biggest economy.
Spot gold was steady at $1,253.90 an ounce by 08:35 Singapore, after jumping nearly 1 percent on Thursday - its biggest jump in three weeks.
The metal is up 0.2 percent for the week, after having hit a four-month low earlier in the week.
The ECB outlined a four-year 400 billion euro ($544.86 billion) scheme giving banks that have been holding back credit an incentive to increase lending to businesses in the euro zone, and pledged to do more if needed to fight off the risk of Japan-like deflation.
The bank also noted that euro zone inflation has been stuck in "the danger zone" below 1 percent since October.
Gold is often seen as a hedge against inflation and a slowing economy.
Source : Reuters
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