Gold plunged on Friday as its safety value was reduced by a stronger dollar. The loss was the first in three sessions for the precious metal.

April gold ended the session at $923.20, down $16.70 for the session. The metal closed down more than $35 this week.

Gold's hedge appeal was reduced as the dollar rose sharply versus the euro, climbing near 1.3250. The buck also gained on the pound. Generally, gold moves opposite the dollar.

For the week, gold lost $35.20 for the session. Gold added $26.20 last week, boosted by a $68.70 surge on March 19 on the Fed's plan to buy as much as $1.15 trillion in bonds. The metal has declined in seven of 10 sessions.

On the economic front, the Commerce Department reported personal spending rose 0.2 percent in February following an upwardly revised 1.0 percent increase in January. The modest increase in spending came in line with the expectations of economists.

At the same time, data showed personal income edged down 0.2 in February after a downwardly revised 0.2 percent increase in the previous month. Economists had been expecting a slightly more modest 0.1 percent decrease.

Later in the morning, the final reading of the Reuters/University of Michigan's consumer sentiment index for March showed a reading of 57.3. Economists had expected the index to come in at 56.8.

Gold gained Thursday for the second straight day as some more dismal economic data increased the precious metal's hedge value. The metal had dropped in six of the previous seven sessions.

For comments and feedback: contact