Gold was a touch softer on Friday after rising more than 2% in the previous session, fuelled by flight-to-quality buying as stock markets fell and investors saw a bargain in gold.
Spot gold was at $US930.65 an ounce, down 0.1% from its notional close on Thursday.
Holdings at the world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, remained unchanged at a record 1029.29 tonnes as of March 5.
US stocks slid on Thursday with the Dow and S&P falling to near 12-year lows as General Motors' warning of possible bankruptcy and concerns about the banking system's fate reinforced investors' reluctance to take on risks.
Oil fell nearly 4% to below $US44 a barrel on Thursday as the deteriorating economic outlook heightened expectations that fuel consumption would shrink further.
The dollar rose against most currencies on Thursday as traders sought a safe haven.
The European Central Bank and the Bank of England cut interest rates to record lows on Thursday to battle the global recession.
