Gold hovered near $US1620 after gaining for a sixth straight day in the previous session as downbeat China economic data triggered expectations of more stimulus measures from the world's second-largest economy.
Spot gold was little changed at $US1620.11 an ounce in recent trade, after posting a weekly rise of nearly 1 per cent.
US gold futures contract for December delivery traded nearly flat at $US1622.70.
Data on Friday showed China's exports in July rose just 1 per cent from a year earlier and new loans were at a 10-month low, suggesting that pro-growth policies have been insufficient and more urgent action may be needed to stabilise the economy.
Adding to the gloomy global growth picture, Japan's economic expansion slowed more than expected in the second quarter, as a rebound in consumer spending starts to lose momentum and Europe's debt crisis weighs on global demand.
Hedge funds and money managers cut their net long position in US gold futures and options in the week to August 7, as speculators reduced their bullish bets on doubts over more imminent monetary stimulus by the Federal Reserve and other central banks.
Platinum-gold discount stood at $US225.2 an ounce, near a record-high above $US226 hit last Friday. Spot platinum inched up 0.2 percent to $US1395.49, after falling 0.3 per cent in the previous week, its sixth straight week of decline.
Reuters