Gold futures on the COMEX division of the New York Mercantile Exchange went down on profit taking Friday.

The most active gold contract for June delivery dropped 8.4 dollars, or 0.57 percent, to settle at 1,453.6 dollars per ounce.

The force of profit taking ahead of the weekend was so strong that even the disappointing economic data released Friday failed to prop up gold prices.

The U.S. Commerce Department announced Friday that the world's largest economy's gross domestic product (GDP) grew at an annualized 2.5 percent in the first quarter, higher than the growth of 0.4 percent in the fourth quarter of 2012 but falling short of market expectations. And for April, the University of Michigan-Thomson Reuters consumer sentiment gauge fell to a reading of 76.4, the lowest level since January.

Market analysts reckon that the fall of gold prices on Friday was largely futures driven instead of physical selling, which was coupled with a strong buying of the physical gold. Gold prices actually rose 4.2 percent this week, which was the first weekly gain in five weeks.

The World Gold Council said in a report released Friday that gold is far from being overbought, and the annual investment demand for gold went up 1,538 tonnes in 2012 from 348 tonnes in 2001.

Silver for May delivery dropped 38.2 cents, or 1.58 percent, to close at 23.758 dollars per ounce. Platinum for July delivery gained 12.4 dollars, or 0.85 percent, to close at 1,476.5 dollars per ounce.