Gold was poised to end the week very close to where it started after being buffeted by the Federal Reserve and the European Central Bank.

The precious metal edged higher to trade near $1,960 on Friday. It rose 0.8% on Thursday as the ECB lifted rates a quarter-point, with President Christine Lagarde describing a further hike in July as "very likely." The dollar and Treasury yields dropped in response.

Bullion had fallen earlier in the week after the Fed paused its tightening cycle, but said more hikes were likely later in the year. Higher interest rates are generally negative for gold, which doesn't offer any interest.

Spot gold rose 0.2% to $1,962.32 an ounce as of 2:25 p.m. in Singapore and was up 0.1% for the week. The Bloomberg Dollar Spot Index was little changed after falling 0.7% on Thursday. Silver and platinum climbed, while palladium declined.

Source : Bloomberg