Gold prices were little changed on Friday, giving up earlier losses as U.S. equity markets and Treasury yields turned lower, but the metal was on track for its first weekly loss of the year after traders cashed in on this week's rally to two-month highs.
Spot gold was 0.1% higher at $1,190.06 U.S. an ounce, while U.S. gold futures for February delivery settled down 0.03% at $1,189.40 per ounce.
The U.S. dollar was 0.2% up against a basket of currencies, hanging on to positive territory despite data showing U.S. economic growth slowed more than expected in the fourth quarter.
That helped to pull gold further down from Tuesday's high of $1,219.59 U.S. an ounce and set it on track to end a four-week winning streak with a 1.6% weekly loss.
Analysts have scaled back expectations for gold prices this year after the metal's weak fourth-quarter performance, with the prospect of further U.S. interest rate hikes from the Federal Reserve weighing on sentiment.
The U.S. central bank is scheduled to release a statement on Wednesday after a two-day meeting.
Meantime, dealing with other metals, silver was up 1.7% at $17.135 U.S. an ounce, while platinum rose 0.4% to $985.80 U.S..
Palladium was up 2.4% to $738.50 U.S., having earlier hit its lowest since Jan. 4 at $708.97. The metal -- which serves as an auto catalyst -- is on track to fall 5.8% this week, its poorest weekly performance since October.
