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Gold remained volatile in Asian trade on Friday and was set for its first weekly decline in four, with investors continuing to mull over the economic outlook after Republican Donald Trump won this week's U.S. presidential election.

Spot gold was up 0.2 percent at $1,262.20 an ounce at 0458 GMT. The metal fell to an over three-week low at $1,250.70 as well as rising to as much as $1,265.40 earlier in the session. It was set to end the week down over 3 percent.

U.S. gold futures were down 0.4 percent at $1,261.60 per ounce after falling as much as 1.3 percent to a four-week low of $1,250.40 earlier.

The dollar hovered near a 3-1/2-month high versus the yen on Friday, after making big gains overnight as the markets prepared for a Donald Trump presidency that could stimulate the U.S. economy fiscally and lift interest rates.

"The stronger U.S. dollar and a more conciliatory tone from Trump continues to weigh on investor demand," ANZ analysts noted.

Druckenmiller Sold Gold on Election Night in Bet on Growth

Stan Druckenmiller says he sold all his gold on election night and is short bonds globally in a bet on stronger economic growth and rising interest rates.

“All the reasons I owned it for the last couple of years seem to be ending,” he said of gold in an interview on CNBC Thursday. In May, the billionaire said the precious metal was his largest currency allocation and that the bull market in stocks had exhausted itself. The rally in gold, which has jumped about 10 percent over the last two years, is losing steam since Tuesday’s Presidential election. Investor attention is now turning back to the Federal Reserve, with traders boosting bets on an interest-rate increase next month.

Reference: Reuters, Bloomberg