"Gold is moving around with the euro/dollar but $428 is a tough level to crack," a dealer said.
"The market is poised after a nice run higher, but technically is probably a little overdone in the short term - so I would look for some sort of setback," Jeremy East, global head of precious metals at Commerzbank, said, adding that prices were still set to firm in the next few months.
The dollar was under pressure after failing to hold gains made after stronger-than-expected US producer price data suggested further increases in interest rates ahead of a US market closure for the Presidents' Day holiday on Monday.
Investors have been torn between strong US economic data and worries about long-term damage to the dollar from the US current account deficit, keeping major currencies - and gold - in ranges. A weaker US currency makes dollar-priced gold more attractive for non-US investors, with a euro move towards $1.31 seen sparking a spike in gold to $430.
But the market has struggled to rally firmly after hitting a 16-1/2-year peak in December at $456.75.
IMF STUDY: One factor that has hung over the market recently is a possible sale or revaluation of the IMF's huge gold reserves to help fund Third World debt.
The fund, the world's third biggest holder of gold, is currently looking at proposals to use IMF bullion and will report its findings in April.
Barclays Capital analyst Kamal Naqvi said in a report that any sales from the IMF's 103.4 million ounces of bullion could present a one-time opportunity for Japan or China to increase their gold reserves.
"In our view, if neither Japan nor China volunteers to buy the full offering of IMF gold for their reserves, one can confirm that they have little or, probably, no intention of ever significantly increasing their gold reserves," he said.
Platinum was steady at $862.00/867.00, while palladium was also flat at $179.00/183.00.