Gold was little changed on Friday, just off a six-week high hit earlier this week, torn between a soft dollar and firmer equities. Gold rose to as high as $930.40 per ounce on Wednesday, the highest since April 1, buoyed by purchases by gold-backed exchange-traded funds (ETFs). But buying has come to a standstill on a rebound in global stock markets which has reduced the allure of gold as a safe-haven asset. Spot gold was steady at $925.90 per ounce at 11:02 p.m. EST, compared with New York's notional close of $925.35, and was poised for a 1 percent rise on the week. U.S. gold futures for June delivery fell $1.8 or 0.2 percent to $926.60 per ounce, after rising $2.50 on Thursday on the COMEX division of the New York Mercantile Exchange. "Gold is somewhat following the currency market right now," said Dick Poon, a manager at Heraeus in Hong Kong, referring to firmness in sterling and euro against the dollar. Gold was supported by the dollar, which held close to a four-month low. Bullion is seen as an alternative investment to the greenback. But detracting for gold's appeal as a safe-haven asset was a rise in Asian stocks, which suggested a higher risk appetite. The Nikkei .N225 rose 1.5 percent and MSCI's index of Asia Pacific stocks outside Japan .MIAPJ0000PUS was up 0.6 percent. Gold is expected to be supported around $900 as a fall toward that level would invite buying from investors for gold-backed ETFs, Heraeus' Poon said. The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, said holdings were unchanged at 1,105.62 metric tons on Thursday. The holdings rose 1.53 metric tons on Wednesday, marking the first gain since they began declining after hitting a record high on April 9. Gold may stay rangebound between $900-$930 for a while because of a loss of momentum for the metal and as investors eye movements in the equities and oil markets, some analysts said. "Visibility is quite low in all markets right now," said Yuki Sonoda, adviser at Daiichi Commodities Co in Tokyo, adding that there was still a lot of uncertainty about the outlook for the U.S. economy, with the auto sector still not out of the woods. General Motors Corp (GM.N), facing possible bankruptcy, is set to restructure its bond debt and reach a new sweeping deal with its major union by June 1. "Investor jitters could keep markets directionless until the June 1 deadline," he said.

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