Precious metals traded with losses on Friday as the stock market sank and the US dollar remained firm.

After initially rising on President-elect Joe Biden's stimulus plan unveiled on Thursday, gold was set for a weekly decline.

Gold fell 1.22% to $1,824.97 per ounce at 11:15 am ET, while silver dropped 3.59% to $24.63 at the same time. Meanwhile, platinum lost 4.08% to $1,075.64 an ounce. Palladium was down 1.23% to $2,387.68 per ounce at the time.