Gold prices buoyed by global political tensions

Gold prices held broadly steady in Asia on Friday after dipping the session before, drawing little support from global political tensions and turbulence in currency markets.

Spot gold was flat at $1,212.12 an ounce at 0321 GMT, having lost 0.1 percent on Thursday.

U.S. gold futures were steady at around $1,219.6 an ounce.

"We're looking for a direction in the U.S. dollar to really dictate price action (in gold) today," ANZ analyst Daniel Hynes said, adding geopolitical issues around, in emerging markets in particular, were unlikely to provide a boost to prices.

The U.S. dollar, in which gold is priced, was down about 0.2 percent at 110.90 yen. The greenback, however, hovered just short of a 13-month high against a basket of peers as European currencies such as the pound and euro continued to lose traction.

Meanwhile, fresh U.S. sanctions against Moscow drove down Russia's rouble to a near two-year low, while the Turkish lira plumbed a record low in the wake of a diplomatic rift with the United States.

Gold prices, which can gain during uncertainty, have largely failed to benefit from rising geopolitical tensions this year, as investors have chosen the safety of the dollar over the precious metal.

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