As investors secured recent gains, gold prices declined from the highest level in six weeks on Thursday. Yet, the yellow metal's attraction as a safe haven was maintained by concerns about a developing banking crisis and monetary policy uncertainty.

The announcement by Swiss bank Credit Suisse Group that it will use a $54 billion loan facility from the Swiss National Bank to increase its liquidity helped alleviate concerns about an impending banking crisis.

Spot gold slipped 0.4% to $1,910.95 per ounce; meanwhile gold futures dipped 0.9% to $1,914.50 per ounce. The two main gauges ticked up by average 2.6% till now this week.

Any breaks in the Fed's rate-hike cycle will be advantageous for gold because they will make the yellow metal more attractive than the dollar and reduce the opportunity cost of keeping non-yielding assets.

Speaking of the industrial metals, copper futures muted at $3.8850 a pound, and plunged by about 4% this week.