Investing.com - Gold prices rose in U.S. trading on Friday after lackluster gross domestic product rates fueled more talk of Federal Reserve stimulus even though growth figures met expectations.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery were up 0.35% and trading at USD1,620.75 a troy ounce, up from a session low of USD1,610.75 and down from a high of USD1,628.55 a troy ounce early during the session.
Gold futures were likely to test support at USD1,610.75 a troy ounce, the earlier low, and resistance at USD1,628.55, the earlier high.
The U.S. economy grew 1.5% in the second quarter of the year, according to an advance estimate by the Commerce Department.
U.S. growth figures largely met expectations, which increasingly include Federal Reserve intervention down the road, likely through quantitative easing, which sees the U.S. central bank buy bonds from banks, pumping the economy full of liquidity in the process and weakening the dollar to spur recovery.
Gold and the dollar trade inversely, and mere talk of Fed easing can send the greenback falling and the yellow metal gaining.
Gold, meanwhile, tracked the euro higher as well.
The single European currency gained after ECB President Mario Draghi said he would do what it takes to save the euro.
French President Francois Hollande and German Chancellor Angela Merkel made similar comments, which bolstered the euro and sent the dollar falling.
Elsewhere on the Comex, silver for September delivery was up 0.54% and trading at USD27.593 a troy ounce, while copper for September delivery was up 0.97% and trading at USD3.426 a pound.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery were up 0.35% and trading at USD1,620.75 a troy ounce, up from a session low of USD1,610.75 and down from a high of USD1,628.55 a troy ounce early during the session.
Gold futures were likely to test support at USD1,610.75 a troy ounce, the earlier low, and resistance at USD1,628.55, the earlier high.
The U.S. economy grew 1.5% in the second quarter of the year, according to an advance estimate by the Commerce Department.
U.S. growth figures largely met expectations, which increasingly include Federal Reserve intervention down the road, likely through quantitative easing, which sees the U.S. central bank buy bonds from banks, pumping the economy full of liquidity in the process and weakening the dollar to spur recovery.
Gold and the dollar trade inversely, and mere talk of Fed easing can send the greenback falling and the yellow metal gaining.
Gold, meanwhile, tracked the euro higher as well.
The single European currency gained after ECB President Mario Draghi said he would do what it takes to save the euro.
French President Francois Hollande and German Chancellor Angela Merkel made similar comments, which bolstered the euro and sent the dollar falling.
Elsewhere on the Comex, silver for September delivery was up 0.54% and trading at USD27.593 a troy ounce, while copper for September delivery was up 0.97% and trading at USD3.426 a pound.