Spot prices are up 1.4 percent this week, chiefly because of Thursday's 1.5 percent rally.
The metal has been hemmed into a narrow range by uncertainty about the path the U.S. central bank will take to raising interest rates.
"Gold prices rallied because the market anticipated a change in the Fed's rate hike outlook," said Stefan Wieler, vice president of GoldMoney in Vancouver. "Now the Fed says two hikes, the market thinks zero, and gold prices hover somewhere around $1,200-$1,250 until this question gets answered."
Fed Chair Janet Yellen, in a conversation with former Fed chairmen on Thursday, said the U.S. economy is still on track to warrant further rate rises. But U.S. interest rate futures still indicate a less than 20 percent chance of a rate increase in June.
Higher rates would weigh on gold by lifting the opportunity cost of holding non-yielding bullion. Waning expectations for further rate increases this year helped gold to its best quarter in nearly 30 years in the three months to March.