Oil prices fell. Agriculture futures were mostly lower.
Gold's decline this week has been labeled as a natural correction following a runup in prices of more than 13 percent in less than two months.
Gold prices have taken their cue from Wall Street in recent weeks, benefiting from investor worries as stock prices tumble.
Gold is still up 6.6 percent for the year and analysts largely expect demand for the safe-haven investment to remain high over the long term amid a deteriorating economy and a volatile stock market.
Gold for April delivery shed 10 cents to $942.50 an ounce on the New York Mercantile Exchange.
Other metals prices were mixed.
May silver rose 13.5 cents to $13.11 an ounce, while May copper futures fell 4.05 cents to $1.5385 a pound.
On Wall Street on Friday, news of the government's plan to increase its stake in troubled bank Citigroup Inc. left investors on edge and stoked concerns that other banks could be in dire shape as well.
Investors were also shaken by the Commerce Department's gross domestic product report that showed the economy sank at a 6.2 percent annual rate in the fourth quarter - almost double the initial estimate.
The Dow Jones industrials fell 119 points to the 7,062 level, while the Standard & Poor's 500 index dropped 17 points to the 735 level.
The Dow is at its lowest level since 1997, while the S&P 500 is at its lowest since 1996.
The dollar moved higher against most major currencies.
The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.02 percent from 3.00 percent late Thursday.
Discouraged by the GDP report, investors sent energy prices lower on the Nymex. Still, prices rose nearly 12 percent this week on signs that production cuts by OPEC might finally be taking hold.
The Organization of Petroleum Exporting Countries has pledged to cut production of 4.2 million barrels a day.
Many believe another cut of at least 1 million barrels will be announced during the next OPEC meeting on March 15.
Light, sweet crude for April delivery fell 46 cents to settle at $44.76 a barrel.
Gasoline for March delivery fell 1.97 cents to settle at $1.28 a gallon, while heating oil declined 2.82 cents to settle at $1.265 a gallon.
Grain prices were mostly lower on the Chicago Board of Trade.
May wheat futures slipped 3.5 cents to $5.2150 a bushel, while corn for May delivery fell 11.5 cents to $3.59 a bushel.
May soybeans added 3.5 cents to $8.72 a bushel. - AP
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