Gold soared to a near three-week high on Friday after much slower-than-expected U.S. economic growth weighed on the American dollar, and looked headed to a second monthly gain in a row.
Figures released Friday by the U.S. Commerce Department reported that stateside gross domestic product grew at an annual rate of 1.2% in the second quarter, far less than economists' estimates of 2.6% growth.
Spot gold, down initially, reached its highest since July 12 at $1,348.60 U.S. an ounce after the U.S. data and was up 1.8% at $1,352.48 U.S.
U.S. gold for December delivery found its way up 1.4% to $1,359.30 U.S. an ounce.
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.
Spot palladium rose 2.2%, meanwhile, to $711 U.S. an ounce, getting close to Thursday's peak, which was its highest since October 2015. That metal is up 18%this month, and on track to notch up its best monthly performance since February 2008.
Spot platinum climbed 1.7% to $1,147 U.S. an ounce and was on track for its best month since January 2012, with more than 10% growth this month. It hit a 14-month high on Wednesday.
