Gold bounced back in volatile trade after hitting its lowest level on Friday, but it was heading for a weekly loss as investors digested plans by US President Barack Obama to spur economic growth which could dent bullion's safe-haven appeal. Spot gold hit an intraday low of $1,853.39 an ounce before rising 0.33 percent to $1,874.40 an ounce by 0644 GMT, which was still below a lifetime high of around $1,920 hit this week.