Gold prices settled lower on Friday, logging a modest weekly loss, as the dollar firmed and investors squared positions before the weekend.
"Gold has been trapped in a very compressed range for well over a month, but we suspect that we could see a substantial move in the days ahead once the Ukrainian elections are over," INTL FCStone said in a note.
Lessening tensions in Ukraine weighed on gold, seen as a safe-haven asset. The metal has been buoyed by the crisis between the West and Russia, gaining about 7 percent this year.
Russian President Vladimir Putin said on Friday he wanted better ties with the West. His deputy defense minister said Russia would pull back all forces deployed to regions near its border with Ukraine "within a few days", a move that could ease tensions before Ukraine's presidential election on Sunday.