On Friday, gold prices were still on the upsurge. This comes even though better-than-expected U.S. growth cast hesitation on the need for the Federal Reserve to ease monetary policy dramatically.
August delivery of gold futures on the Comex division of the New York Mercantile Exchange, grew $4.95, or 0.4%, to $1,420.01 a troy ounce.
The advanced reading for second-quarter GDP saw progress in the U.S. slowed down from 3.1% in the first three months of the year to 2.1%, better than the expected decline to 1.8%.
A chief market analyst at CMC Markets, Michael Hewson, said, the headline growth amount, personal consumption of 4.3% and core PCE of 1.8% were all good numbers.
Those odds dropped to 19.4% after the data compared to 23.5% ahead of the release.
The outlook of lower interest rates benefits non-yielding bullion.
In other metals trading, silver futures increased 0.6% to $16.503 a troy ounce.
In base metals, copper traded below 0.4% to $2.694 a pound.
Oil Prices Established for Weekly Gain
Meanwhile, oil prices were on track for weekly advances as Middle East tensions supported prices.
Traders have also postponed trading for the latest reading on U.S. economic growth amid expectations that central banks would tackle any weakness.
New York-traded West Texas Intermediate crude futures increased 40 cents, or 0.7%, to $56.42 a barrel.
Brent crude futures, the benchmark for oil prices outside the U.S., grew 34 cents, or 0.5%, to $63.73.
From a week ago, U.S. crude was on track for weekly surge of 1.2%, while Brent added 2.0%.
Pressures remain high in the Strait of Hormuz, a key gateway for global oil shipping, in the aftermath of Iran’s assumption of a British-flagged tanker last week.
Tehran has still rejected to release the vessel.
Oil has been supported by the potential risk of military action that could upset supply.
Concerns over a global slowdown that could negatively impact demand for oil have restricted improvements in crude.
The U.S. will issue the advanced reading of second-quarter gross domestic product amid prospects that growth will plunge to its slowest pace in more than two years.
Next week, prospects that the Federal Reserve will step in with a rate cut presented some glimmers of optimism for an economic retrieval.
In addition, he also said, “This is along with the Fed’s shift to an easing cycle, will help to bolster the economy.”