Gold pared gains on Friday, while the dollar turned up and U.S. stocks fell, as investors struggled to decipher the timing of a U.S. interest rate increase following comments by Federal Reserve Chair Janet Yellen and other officials.

In her much-awaited speech, Yellen said the case for raising U.S. interest rates has strengthened, although increases should be gradual.

Spot gold rallied 1.5 % to $1,341.60 an ounce and the U.S. dollar index fell 0.6 % after Yellen spoke, but bullion later gave back all its gains and the greenback rallied 0.7 percent after Fed Vice Chair Stanley Fischer suggested that rate hikes were on track for this year. Spot gold was up 0.02 percent at $1,321.52 an ounce by 3:00 p.m. EDT (1900 GMT). It was on track to finish the week down 1.5 percent after two straight weeks higher.

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Yellen pointed to improvements in the U.S. labor market and expectations for moderate economic growth, reinforcing the view that such a move could come later this year. She did not, however, lay out a clear roadmap for what the Fed needs to see to raise rates.

Gold is highly sensitive to rising U.S. interest rates, which increase the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which it is priced.