Gold posted its largest quarterly loss in more than 40 years amid fears the U.S. Federal Reserve may begin to scale back its stimulus program. Although gold rallied more than 2 percent on Friday, the metal is still 23 percent lower for the second quarter.

Friday's rally was gold’s biggest one-day gain since May 20. Gold's retreat since April saw the metal record its worst quarter since at least 1968 on continuing fears about the Fed tapering its quantitative easing program.