Investors are now looking out for the US consumer price index figures, with the headline number tipped to reach 6.7%, the highest since 1982.
"These are turbulent markets, and with such huge event risk this week, and the market unlikely to get a genuine understanding of the efficacy of the vaccines towards Omicron it doesn't feel like we're in for a period of calm," Pepperstone head of research Chris Weston said.
The gold price remains below US$1,800 an ounce, at $1,782/oz on the spot market.
Base metals closed mixed on the London Metal Exchange, where copper lost more than 1% and nickel gained 0.5%.
Iron ore came under pressure while steel finished products rallied, Marex's Al Munro said on Friday.
"This is largely driven by the Tangshan Municipal government reinstating level 2 pollution alerts starting from this morning until the 10th of December," he said.
"This implies more sintering plants and blast furnaces will be required to further cut production."
Rio Tinto and Anglo American both closed about 3% lower in London, while gold major Newmont rose 2.6% in New York.