Gold prices edged up on Friday, to snap the 4-day losing streak, but remain on track for a weekly loss due to the US dollar's against its rivals and weak safe-haven demand.

Gold prices rose 0.4% to $1,851.77 an ounce, after opening at $1,842.68 and hitting a low of $1,839.36.

The yellow metal fell 0.1% yesterday, and posted its third daily loss as the prices of dollar-denominated metals fell.

Gold prices have lost about 0.75% so far this week, to get on track for the third weekly loss in a month.

Investors rushed to the US dollar is shining as the best alternative investment due to high risks in markets and fears over a liquidity crunch.

Most of the global stock markets fell this week due to renewed global economic concerns after Covid-19 infections rose in China and Europe, disappointing Q4 corporate earnings reports, and the delay of Covid-19 vaccination in most parts of the world.

The US Federal Reserve decided on Wednesday to hold the interest rate unchanged between zero and 0.25%, and also kept the size of its monthly bond purchases program at $120 billion.

The FOMC stated that the pace of recovery in economic activity and job creation has moderated in recent months due to the rising Covid-19 infections in the country.

Fed Chairman Jerome Powell projected that economic activity will improve later this year as vaccinations continue.

Gold stocks at the SPDR ETF fell 4.37 metric tonnes yesterday, with the total at the lowest level since January 14 at 1,164.80 MT.

Asian stock indices opened the fifth session of the week mixed with Japan, Australia and South Korea down, while China, New Zealand, and Hong Kong gave up ground amid concerns that vaccinations are going slower than expected. 

From Japan, consumer prices fell 0.5%, compared to a 1.3% drop in December, while core prices fell 0.4%. 

Japan's unemployment rate steadied at 2.9% in December, while industrial production fell 1.6% in December, compared to a 0.5% drop in November. 

Japan's housing starts fell 9% in December, while the consumer confidence survey fell to minus 29.6 in January. 

From Australia, producer prices rose 0.5% in the fourth quarter, beating estimates of a 0.1% rise. 

Japan's Nikkei 225 fell 0.07% to 1,837, while Nikkei 225 fell 0.18% to 28,145. 

China's CSI 300 rose 0.56%, while Shanghai rose 0.22% to 3,513. 

Hong Kong's Hang Seng rose 0.39%, while South Korea's KOSPI fell 1.77% to 3,014. 

New Zealand's NZX 50 rose 0.32%, while Australia's S&P/ASX 200 fell 0.22% to 6,634. 

USD/JPY tilted higher in Asian trade to December 10 highs on track for the first weekly profit in three, following earlier data from Japan and ahead of US data. 

As of 07:11 GMT, USD/JPY rose 0.23% to 104.48, with a seven-week high at 104.57. 

From Japan, consumer prices fell 0.5%, compared to a 1.3% drop in December, while core prices fell 0.4%. 

Japan's unemployment rate steadied at 2.9% in December, while industrial production fell 1.6% in December, compared to a 0.5% drop in November. 

Japan's housing starts fell 9% in December, while the consumer confidence survey fell to minus 29.6 in January. 

From the US, personal spending is expected down 0.4% in December while personal income is expected up 0.1%. 

US labor unit costs are expected up 0.5% in the fourth quarter, while the Chicago PMI is expected down to 58.4 from 59.5. 

US University of Michigan's consumer sentiment index is expected at 79.2 for January, down from 80.7 in December. 

EUR/USD fell in European trade while on track for a weekly loss as investors shun risks and buy up the greenback as a haven. 

EUR/USD fell 0.2% to 1.2094, after closing up 0.1% yesterday away from a week low at 1.2.059. 

Euro is down 0.6% so far this week on track for the second weekly loss in three as risk appetite takes a back seat. 

Investors are shunning riskier currencies and buying up the US treasuries, boosting the dollar. 

Most global currencies tumbled this week amid renewed concerns about the global economy, while the coronavirus infections continue to surge in China and Europe.

An ECB official warned that more rate cuts could wipe out euro's recent gains, stoking speculation about negative rates in Europe.