Gold gains as gloomy U.S. economic outlook dents dollar

Adding to doubts over a swift U.S. economic rebound, Federal Reserve officials on Wednesday warned that a recovery faced a highly uncertain path, helping gold recover from a more than 3% slump earlier this week.

"Despite the rebound in prices, precious metals do have short-term downside risks that would continue to affect prices," Phillip Futures analysts said in a note.

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Meanwhile, the Trump administration declined to acknowledge any plans to meet with China over the Phase 1 trade deal.

Elsewhere, silver gained 0.6% to $27.40 per ounce and was poised for a weekly rise of about 3.8%. 

Platinum climbed 0.6% to $922.77, while palladium fell 0.5% to $2,170.53.