As proof that the economic environment has calmed in Europe, Frederick pointed to the fact that bond yields in Italy, Spain and Greece have all come down. He added, though, that the eurozone is still a long way from solving all its problems.

Gold investors may be looking ahead to next week when the Federal Open Market Committee -- the policy-making wing of the Federal Reserve -- makes its latest forecasts on Dec. 11.

Gold mining stocks were mostly higher Friday. Shares of Goldcorp ( GG) was adding 1.3%, while Agnico-Eagle Mines ( AEM) was up 0.81%.

Among volume leaders, Kinross Gold ( KGC) was gaining 0.62%, and Barrick Gold ( ABX) was up 0.39%.

Gold ETF SPDR Gold Trust ( GLD) was increasing 0.26%, while iShares Gold Trust ( IAU) was adding 0.30%.

-- Written by Joe Deaux in New York.

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