Gold on Track for Worst Week Since Early December

Gold prices fell on Friday and were poised for their sharpest weekly decline in 2-½ months as the dollar firmed during the week.

Spot gold lost 0.2 percent at $1,328.90 per ounce, on track for a fifth session of fall in six. It has shed 1.4 percent so far this week, its largest since the week ended Dec. 8, 2017.

U.S. gold futures were down 0.1 percent at $1,331.2 per ounce.

Analysts said they expected gold to remain range bound, citing Wednesday's release of the latest Federal Reserve minutes which showed U.S. central bank policy makers remained worried about inflation and committed to hiking interest rates.

The dollar index, which measures the greenback against a basket of currencies, rose 0.2 percent at 89.883. It hit a 10-day high of 90.235 on Thursday after notching a three-year low of 88.253 late last week and was poised for a gain of nearly one percent this week.

Spot gold is expected to increase to $1,354 per ounce as it has stabilised around a support at $1,326, according to Reuters technical analyst Wang Tao.

Barrick Gold predicted lower gold production over the next decade, risking its rank as the world's largest bullion producer, but executives said they will not make acquisitions simply to state a call for growth.

Among other precious metals, silver dropped 0.2 percent to $16.59 an ounce, palladium climbed 0.1 percent to $1,038.97 and platinum rose 0.3 percent to $996.90