Gold's skid occurred alongside the dollar's biggest weekly gain in more than a month while U.S. bond yields jumped after Fed Chair Jerome Powell said the central bank will be in no rush to cut rates given the "remarkably good" performance of the economy.

Fed watchers see a greater chance the central bank may skip a rate cut at its last meeting of the year in December.

U.S. stock index futures fell on Friday after Federal Reserve Chair Jerome Powell said there was no need to reduce interest rates in a hurry, pushing up bond yields and pressuring rate-sensitive equities.

Global stocks were on track for their biggest weekly decline in two months as investors adjusted to the possibility of a slower pace of interest-rate cuts by the Federal Reserve. Stronger-than-expected economic data and hawkish comments from Fed officials,