Gold futures settled modestly higher Friday, after briefly dipping, following the first estimate of second-quarter U.S. gross domestic product, which indicated the economy was healthy but slowing and might still warrant an interest rate cut by the Federal Reserve.
August gold gained $4.60, or 0.3%, to $1,419.30 an ounce, but put in a weekly loss of 0.5% based on last Friday's settlement for the most-active contract. Gold futures snapped a string of two consecutive weekly gains.
GDP, the official report card on the economy, grew at a 2.1% annual pace from the start of April to the end of June, the government said Friday. Economic growth slowed from a 3.1% gain in the first three months of the year. Economists polled by MarketWatch had expected a 1.9% GDP reading.
Source : MarketWatch