The gold price fluctuated due to the economic data released last week on the United States' GDP in the fourth quarter of 2012, Gerhard Schubert, head of precious metals department at bank Emirates NBD, said Saturday.

The price for one ounce of gold hit 1667.60 U.S. dollars, up 0. 50 percent from last week, Schubert said, adding that the market went into an over-reacting mode, affected by the data of the United States' GDP in the fourth quarter of 2012.

The world's largest economy's GDP fell by an estimated 0.1 percent in the last quarter of 2012, due to seasonal factors and the impact of Hurricane Sandy on the eastern coast of the United States.