Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday as weaker-than-expected U.S. data and a weaker U.S. dollar gave support to the precious metal.
The most active gold contract for December delivery rose 16.3 U.S. dollars, or 1.22 percent, to settle at 1,357.50 dollars per ounce.
The precious metal was given extensive support as a report released by the U.S. Department of Commerce showed that the U.S. gross domestic product growth (GDP) grew 1.2 percent during the second quarter of the year.
Analysts note that the market expected a 2.6 percent increase and the worse-than-expected report signals unexpected weakness in the U.S. economy.
The U.S. Dollar Index fell by 1.09 percent to 95.61 as of 18:30 GMT. The index is a measure of the dollar against a basket of major currencies. Gold and the dollar typically move in opposite directions.
Wall Street and Main Street are both bullish on gold next week, particularly after a softer-than-forecast report on growth in U.S. gross domestic product that was released on Friday.
Uncertainty over the path of interest rates has held gold in check since it rallied to more than two-year highs in the wake of Britain's shock vote last month to leave the European Union.
“Gold bulls have gained some near-term technical momentum,” said Jim Wyckoff, senior technical analyst with Kitco News.
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