Gold prices moved up early Friday after slipping to a more than six-month low in the previous session, as the U.S. dollar softened from recent highs. However, the shiny yellow metal was headed for its worst monthly performance since November 2016.
Spot gold was up 0.1% at $1,248.64 U.S. an ounce, having touched its weakest since Dec. 13 at $1,245.32 on Thursday.
Observers also say bullion was on track for its third straight weekly decline, having slipped 1.6% thus far and was down about 3.8% for the month. It was also heading towards its worst quarterly loss since end-2016.
U.S. gold futures were 0.1% lower at $1,249.90 U.S. an ounce.
The U.S. economy slowed more than previously estimated in the first quarter amid the weakest consumer spending in nearly five years, but growth appears to have since regained momentum on the back of a robust labour market and tax cuts by the Trump administration.
Speaking of whom, U.S. President Donald Trump and Russian President Vladimir Putin will meet for their first summit on July 16 in Helsinki, a venue famed for its Cold War diplomacy.
China unveiled on Thursday a long-anticipated easing of foreign investment curbs on sectors including banking, the automotive and heavy industries and agriculture as Beijing moved to fulfill its promise to open its markets further.
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