Gold futures settled higher on Friday kindled by the bets over less aggressiveness in interest rate hikes by Federal Reserve followed by the sluggish US GDP data, which extended second consecutive quarter decline. Safe haven appeal of the bullion with the rising inflation and softer dollar whetted the yellow metal for the most active contract to mark 3.2% gain for the week. However, the precious metal dipped 1.4% for the month.
Gold futures for August rose by $12.60 or 0.70% to $1762.90 ounce on the Comex division of the New York Mercantile. While, spot gold was up 0.4% at $1,761.59 per ounce.