Gold prices were mixed on Friday as investors booked some profits after a 1 percent rise in the previous session.
Spot gold edged down 0.15 percent to $1,728.91 per ounce, but was up nearly 2 percent for the week. U.S. gold futures were up half a percent at $1,753.20 per ounce.
Providing some support for gold was weak U.S. labor market data released overnight and the news that a potential antiviral drug for the coronavirus reportedly failed in its first randomized clinical trial.
Data released on Thursday showed that U.S. jobless claims remained at a substantially elevated level in the week ended April 18th due to the coronavirus-induced economic shutdown, but have slid steadily since reaching a record high of 6.867 million in the week ended March 28th.
Media reports suggested that Gilead Sciences Inc's experimental coronavirus drug failed its first randomized clinical trial. The company, however, said the study was unable to provide statistically meaningful conclusions due to low enrollment.
Meanwhile, European Union leaders again failed to reach an agreement over the structure of an economic recovery fund to tackle the impact of the coronavirus pandemic.
European Central Bank President Christine Lagarde reportedly told the meeting that the European Union's economy could shrink by as much as 15 percent this year as a result of slow decision making.