Gold prices on Friday were on track for their biggest weekly decline in over three years as expectations of less aggressive interest rate cuts by the U.S. Federal Reserve lifted the dollar, denting allure for bullion among investors.

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.