Gold rose on Friday, climbing above the prior session's 10-1/2 month low, as the dollar and U.S. stocks dipped at the end of a volatile week highlighted by the Federal Reserve's signal that there could be more rate hikes than previously expected in 2017. 

Spot gold was up 0.6 percent at $1,135.16 an ounce by 2:30 p.m. EST (1930 GMT). The metal hit $1,122.35 on Thursday, its weakest since Feb. 2 and is down 2 percent so far this week, leaving it on track for its sixth consecutive weekly loss. 

U.S. gold futures settled up 0.7 % at $1,137.40. 

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Gold prices rose to session highs after U.S. officials told Reuters that a Chinese warship had seized an underwater drone deployed by a U.S. oceanographic vessel in the South China Sea. 

"It gave gold a little bit of a boost but it was a knee jerk spike. It looks like both sides are trying to tweak each other, if you will," said Bill O'Neill, co-founder of LOGIC Advisors."Today's something of a consolidation day across the board."