Gold fell to its lowest in nearly four months on Friday and was on track for its biggest weekly decline in two months, as a string of record closes on stock markets and softening demand in Asia weighed on prices.
Spot gold was down nearly 1 percent at $1,246 an ounce, its lowest since early February. U.S. gold futures for June delivery ended down $10.70 an ounce at $1,245.60. Dealers pointed out that bullion traveled over the technically significant "death cross," the term for when an asset's 50-day moving average falls through its 200-day average.
Week on week, the metal is down 3 percent, the most in any week since late March.