Gold prices fell on Friday after bullion hit a more than five-week high in the previous session and as the U.S. dollar gained, but prices were on track for a weekly rise on expectations of a Federal Reserve rate cut next week.

Gold futures fell more than 1% on Friday but still posted a modest gain for the week with expectations running high for a Federal Reserve rate cut next week at the central bank's policy meeting, with traders now forecasting a 97% chance of a 25-bp cut.

Gold prices edged higher on Friday and were set for a weekly gain, driven by recent reports of top consumer China resuming gold purchases, and heightened expectations of an interest rate reduction by the Federal Reserve at its Dec.