Gold faces second weekly drop in three on ETF selling

Gold steadied on Friday after two losing sessions but was headed for its second weekly drop in three weeks on growing optimism about the U.S. economy and selling in the top bullion-backed exchange-traded fund. The Federal Reserve also looked past a dismal reading on first quarter U.S. growth and gave a mostly upbeat assessment of the economy's prospects as it announced another cut in its massive bond-buying stimulus. Spot gold was flat at $1,282.26 an ounce by 0621 GMT, after falling 0.6 percent in the previous session. "Because of the Fed and robust U.S. data, we think gold might fall even further," said Brian Lan, managing director of retailer GoldSilver Central Pte Ltd in Singapore.

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