Gold prices steadied on Friday, but remained below the week’s three-month highs as the dollar pared back some of the gains made in the wake of U.S. President Donald Trump’s promise of a major tax announcement.

Gold for February delivery settled down 0.15% at $1,235.0 on the Comex division of the New York Mercantile Exchange. The precious metal was still 1.3% higher for the week.

On Wednesday, gold reached its highest level since mid-November at $1,243.9.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was at 100.71 not far from the eleven-day highs of 101.02 set earlier Friday.

The index ended the week with gains of 0.95%, the largest weekly percentage gain since mid-December after remarks from Trump indicted that his administration would soon reform tax policy.

Trump said Thursday he would be announcing something over the next two or three weeks that would be “phenomenal” in terms of tax.

A strong dollar is typically bearish for gold, which is denominated in dollars and struggles to compete with yield-bearing assets when borrowing costs rise.

Elsewhere in precious metals trading, silver was at $17.95 a troy ounce late Friday, and ended the week with gains of 2.69%.

Platinum was down 0.77% at $1,014.3 late Friday.

In the week ahead, the U.S., the UK and China are to release what will be closely watched data on inflation. Meanwhile, Federal Reserve Chair Janet Yellen is due to testify to Congress for the first time since Donald Trump entered the White House.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets:

 

Monday, February 13

Japan is to publish preliminary data on fourth quarter economic growth.

 

Tuesday, February 14

China is to release data on consumer and producer price inflation.

Germany is to put out a preliminary estimate of fourth quarter growth, while the euro zone is to release a revised estimate of fourth quarter growth.

The ZEW Institute is to report on German economic sentiment.

The U.K. is to publish data on consumer price inflation.

The U.S. is to release data on producer price inflation.

Fed Chair Janet Yellen is due to appear before the Senate Banking Committee, in Washington to testify on the bank’s latest monetary policy report.

Separately, Dallas Fed President Robert Kaplan is to speak at an event in Houston.

 

Wednesday, February 15

The U.K. is to publish its latest employment report.

The U.S. is to release a raft of economic data, including reports on inflation, retail sales, industrial production and manufacturing activity in the New York region.

Fed Chair Janet Yellen is due to testify on the bank’s latest monetary policy report to the House Banking Committee, in Washington.

 

Thursday, February 16

Australia is to publish its latest jobs report.

The European Central Bank is to publish the minutes of its latest meeting.

The U.S. is to publish reports on building permits, housing starts, jobless claims and manufacturing activity in the Philadelphia region.

 

Friday, February 17

New Zealand is to publish a report on retail sales.

The U.K. is also to report on retail sales.

Canada is to round up the week with figures on foreign securities purchases.