Gold prices rose on Friday, moving away from Thursday's one-week low, on expectations of monetary policy easing from leading central banks, while investors awaited U.S. economic growth data due later in the day.
Spot gold was up 0.4% at $1,419.53 U.S. per ounce, after falling to a one-week low of $1,410.77 in the previous session.
However, the metal has lost about 0.4% so far this week, putting it on track for its first weekly decline in three.
U.S. gold futures were up 0.3% at $1,418.80.
Market participants are now looking forward to the U.S. Federal Reserve’s monetary policy meeting this coming Tuesday and Wednesday, where it is expected to trim its interest rate by at least 25 basis points.
The European Central Bank left interest rates unchanged at its meeting on Thursday, but its President Mario Draghi signaled that the bank was prepared to cut rates in September.
U.S. Gross Domestic Product data, due on Friday, is expected to show that U.S. economic growth slowed to 1.8% in the second quarter from 3.1% in the previous quarter.
Among other precious metals, silver gained 0.3% to $16.45 U.S. per ounce and was on track for its third straight weekly rise.
Platinum was steady at $864.47 U.S. per ounce and was heading for its third consecutive weekly gain.
Palladium edged 0.1% higher to $1,532.50 U.S. and the auto-catalyst metal was on course to mark its first weekly gain in three.
