Gold futures slipped a bit Friday amid pressure from a stronger dollar, but the metal didn't stray far from its seven-week high as uncertainty about the global economic recovery remained on investors' minds.

The most actively traded gold contract, for December delivery, fell $6.60, or 0.5%, to settle at $1,228.80 an ounce on the Comex division of the New York Mercantile Exchange.

The declines Friday reversed gold's upward trend from the rest of the week, when the metal moved higher as investors weren't confident that a slight recovery in the stock markets was sustainable. The metal's upward momentum accelerated Thursday as a spate of negative economic news, including a surprise jump in U.S. jobless claims, weighed on the equity markets. Gold closed Thursday at its highest level since June 30.

"Resurfacing of macro uncertainty and the shape of the economic recovery has reignited investor interest, with longer-term demand, in particular, turning positive again," Barclays Capital analysts said.

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