Gold futures climbed Friday, finding haven-related support despite some better-than-expected U.S. economic data, as equities saw renewed pressure to end a volatile week.
Prices, however, finished a buck short of the roughly three-month high it settled at on Tuesday.
December gold GCZ8, +0.24% rose $3.40, or 0.3%, to settle at $1,235.80 an ounce, tacking on 0.6% for the week-its fourth weekly rise in a row.
See Also"Safe-haven gold is again acting as a hedge and safe-haven asset, exactly when investors need one," said Mark O'Byrne, research director at Dublin-based GoldCore.
For the month, gold was up 3.3% on the heels of six consecutive months of declines.
December silver SIZ8, +0.51% added 7 cents, or 0.5%, to $14.70 an ounce, for a weekly rise of about 0.3%.
"Gold's impressive performance of late, coming amid [U.S. dollar] strength, suggests that gold finally is behaving like a safe-haven asset," said Robin Bhar, analyst at Soci?(C)t?(C) G?(C)n?(C)rale, in a note.
A selloff in global equities amid rising geopolitical and economic uncertainty have pushed gold back above $1,200 an ounce, with buying and short covering driven by increased risk aversion, while investor flows into bullion, often considered a haven and store of value during times of stress, also continued to increase, as shown by inflows into physically backed exchange traded products, Bhar said.
Gold held its ground Thursday as equity markets bounced back partially from the previous session's plunge. As gold futures settled Friday, U.S. stock indexes headed lower on Wall Street, poised for sizable losses on the week.
Gold slightly trimmed its earlier gain after data Friday showed third-quarter gross domestic product grew at a 3.5% annualized pace. Economists surveyed by MarketWatch produced a consensus forecast for 3.4% annualized growth, slowing from a 4.2% pace in the second quarter.
Separate data revealed that consumer sentiment dipped to 98.6 in its final October reading, from 100.1 in the prior month. See economic calendar
The popular SPDR Gold Shares exchange-traded fund GLD, +0.32% was up 0.3% in Friday trade.
Meanwhile, copper futures ended the session lower, with the December contract HGZ8, -0.22% off 0.5% at $2.741 a pound.
Read: Copper weakness hints at economic woes ahead
January platinum PLF9, +0.49% rose 0.3% to $834.40 an ounce, while December PAZ8, +0.37% shed 0.2% to $1,085.90 an ounce. Palladium settled Tuesday at a record above $1,100.
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