Gold prices surged to a six-month high on Friday as traders continued to flock to the safety value of the precious metal amid ongoing economic woes.
February gold finished at $927.30, up $22.30 for the session. This marks the precious metal's best finish since July.
Traders mulled an advance gross domestic product report, showing that the economy contracted at a much slower than expected pace than expected in the fourth quarter.
The Department of Commerce reported showed that GDP decreased at an annual rate of 3.8 percent in the fourth quarter following a 0.5 percent decrease in the third quarter. Economists had been expecting a more substantial decrease of about 5.4 percent.
Crude oil finished slightly higher in choppy trading Friday as U.S. GDP data wasn't as bad as analysts had feared, boosting prospects for improved energy demand.
Light sweet crude for March delivery inched to $41.68 per barrel, up 24 cents on the session. Prices reached as high as $43.44 earlier in the session.
February gold jumped $16.90 on Thursday as more bleak economic data forced traders to look for a safety outlet.
