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Gold posted its biggest daily percentage gain since Jan. 30 on Thursday following a more cautious than expected interest rate statement from the U.S. Federal Reserve.
U.S. gold futures for April delivery closed 1.5 percent higher at $1,169 an ounce, its highest settle since March 5.
Spot gold rallied to a peak of $1,177.46 an ounce earlier in the session and the dollar tumbled after the U.S. Federal Reserve signalled a slower pace of interest rate hikes and gave a cautious outlook for the U.S. economy.
Gold failed to maintain those gains, however, as the dollar recovered from an early low to rise 0.6 percent against a currency basket. The U.S. unit extended gains after jobless data indicated the American labor market remained on a solid footing despite slowing economic growth.
Spot gold was up 0.2 percent at $1,169 an ounce.
Gold hit a four-month low this week and remains down nearly 2 percent on the year on expectations that higher interest rates could lift the opportunity cost of holding non-yielding bullion.
Read MoreDon't lose patience with the Fed
"Currently all precious metals are very sensitive to the U.S. dollar and U.S. interest rates, meaning prices move lower when the dollar and rates rise," ABN Amro analyst Georgette Boele said.
"The sharp sell-off yesterday in the dollar gave a temporary boost to precious metal prices, but the recovery signals that the dollar rally is far from over. A higher U.S. dollar will be a major negative driver for precious metals going forward."
While the U.S. central bank removed a reference to being "patient" on rates from its policy statement, it sounded a cautious note on the economic recovery. It also cut its median estimate for the federal funds rate and expressed concern over the strength of the dollar, up 10 percent this year.
Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.24 percent to 749.77 tonnes on Wednesday - the first inflow since Feb. 20.
China's central bank on Thursday detailed plans on granting more licences for gold imports and exports, while maintaining that it could impose trade restrictions when necessary. A further opening up of the world's second biggest bullion market would underpin demand for the metal.