Gold fell by 0.2 per cent to $1,320.80 an ounce and silver by 0.4 per cent to $21.73 an ounce.
Meanwhile, bullion added 0.2 per cent this week after climbing to $1,332.45 an ounce on February 18, the highest since October 31.
US reports since last week showed retail sales and factory output unexpectedly dropped in January and housing starts slumped, while a Chinese manufacturing index fell to the lowest level in seven months, data showed yesterday.
The Fed's January meeting minutes released this week signalled policymakers supported a continued decrease in bond purchases. They cut monthly bond-buying by $10 billion at each of the past two meetings, leaving purchases at $65 billion.