Gold inched up on Friday, recouping some of the previous day's losses made on profit-taking, with traders watching to see if the precious metal would again try for the $950 level.

Some in the market expect gold to break out of its current range-bound trade and move higher.

"The elements supporting higher gold are there," said Tatsuo Kageyama, an analyst at Tokyo's Kanetsu Asset Management.

"Even though it was brief, gold did break above $950, with crude prices hitting record highs and the dollar continuing to remain weak against the euro," he said.

Spot gold rose to a three-week high of $952.60 an ounce on Thursday, before it gave up gains on profit-taking sparked by a slight recovery in the dollar.

On Friday, bullion rose to an intra-day high of $945 per ounce. It eased a touch to $943.30/944.10 by 0329 GMT, still above the late New York level of $938.90/939.70.

Crude oil prices have slipped from the historical high of $115.54 a barrel marked on Thursday, but prices continue to hover around $115 due to worries about gasoline supplies in the United States ahead of the summer driving season.

U.S. light crude for May delivery gained 27 cents to $115.13 a barrel.

Gold often tracks oil because investors use it as an inflation hedge when energy prices are high.

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