LONDON—The spot price of gold held to a narrow range just below $1,200 a troy ounce as improving risk sentiment limits the yellow metal's upside.
Riskier assets and currencies are being boosted by the International Monetary Fund's upgraded growth forecast on Thursday, further lessening gold's appeal as a safe-haven. The IMF is now predicting the global economy will expand 4.6% in 2010, the biggest increase since 2007 and above its previous forecast of 4.2%.
Spot gold recently traded at $1,198 an ounce, down just 50 cents from Thursday's close.
Platinum was at $1,520 an ounce, up 0.1%, and palladium was up 1.1% at $451 an ounce. Spot silver was off 0.4% at $17.89.
