Gold price dropped on a stronger U.S. dollar and as global stocks rose. Global stocks increased as market participants hoped that the G20 summit would help to coordinate stimulus measures to boost the global economy.

The U.S. dollar increased against other currencies on the better-than-expected U.S. economic data. The U.S. Commerce Department released gross domestic product (GDP) figures on Friday. The U.S. revised GDP climbed 1.0% in the fourth quarter, up from the preliminary estimate of a 0.4% rise, after a 2.0% in the third quarter. The upward revision was partly driven by an upward revision to business inventories.

Personal spending climbed 0.5% in January, exceeding expectations for a 0.3% gain, after a 0.1% increase in December. December's figure was revised up from a flat reading.

Personal income increased 0.5% in January, exceeding expectations for 0.4% rise, after a 0.3% gain in December.

Wages and salaries were up 0.6% in January, after a 0.3% gain in December.

The personal consumption expenditures (PCE) price index excluding food and energy rose 0.3% in January, beating forecasts of a 0.2% increase, after a 0.1% gain in December. It was the largest rise since January 2012.

On a yearly basis, the PCE price index excluding food and index jumped to 1.7% in January from 1.5% in December. It was the largest increase since July 2014.

March futures for gold on the COMEX today declined to 1214.50 dollars per ounce.