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Gold Prices Pop as Investors Cover Short Positions

"We're in a bear technical pattern here, and until we really settle above that $1,620 [an ounce] level I wouldn't be looking to get long here," said Aurum Options Strategies' Vitiello.

Gold mining stocks were mixed on Friday. Shares of AngloGold Ashanti (AU) were shedding 2.2% to $21.85, while shares of Royal Gold (RGLD) were rising 2.2% to $68.84.

Among volume leaders, Barrick Gold (ABX) was losing 1% to $26.74 a share.

Gold ETF SPDR Gold Trust (GLD) was popping 0.87% to $151.60 a share, while iShares Gold Trust (IAU) was jumping 0.86% to $15.23 a share.

In March, net outflows in gold ETFs totaled 50 tonnes, according to a report by BNP Paribas. SPDR Gold Trust, alone, totaled outflows of 33.2 tonnes.

"Negative market sentiment towards gold continues to weigh on investor demand for the metal. The downward trend may not yet reverse in April," the report released on Friday said.

-- Written by Joe Deaux in New York.

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