By Barbara Kollmeyer, MarketWatch
MADRID (MarketWatch) — Gold futures rose for a third session Friday, but the rise was tempered by choppy European markets and a slower pace of gains for the euro versus the dollar as the release of key U.S. growth data drew nearer.
Gold for August delivery GCQ2 +0.77% rose $7.60 to $1,622.50 an ounce in European trading hours. That was in line with prior-day gains of $7 to $1,615.10 an ounce. The metal breached the $1,600 level Wednesday.
Gold rose Thursday after European Central Bank President Mario Draghi, during an investor conference in London, vowed to do “whatever it takes” to preserve the euro, according to media reports.
Markets appeared to be taking a step back Friday, with European stocks fumbling in an effort to build on the prior day’s sharp rally.
The dollar index DXY -0.23% , which measures the dollar against a basket of six other major currencies, firmed at 82.958 against 82.837 late Thursday.
The euro EURUSD +0.2440% also pulled back some against the dollar, to $1.2266 from $1.2284 late Thursday.
A weaker dollar tends to bolster gold and other dollar-denominated currencies.
Focus for Friday will fall squarely on U.S. second-quarter gross-domestic-product data due at 8:30 a.m. Eastern time. Economists surveyed by MarketWatch are forecasting growth slowed to 1.3% from a 1.9% pace in the first quarter. GDP preview: Economy not firing on all cylinders
Among other metals futures, September silver SIU2 +0.93% rose 10 cents, or 0.4%, to $27.56 an ounce.
Copper for September delivery HGU2 +1.09% rose 2 cents, or 0.5%, to $3.41 a pound.
Sister metals platinum and palladium rose. October platinum PLV2 +0.83% rose $10.10, or 0.7%, to $1,415.70 an ounce.
September palladium PAU2 +0.95% rose $1.75, or 0.3%, to $571.65 an ounce.
Barbara Kollmeyer is an editor for MarketWatch in Madrid.
