WASHINGTON (dpa-AFX) - Gold prices consolidated on Friday after having fallen 1 percent the previous day to hit a one-week low on the back of strong U.S. durable goods orders and labor market data released overnight.
Spot gold rose 0.3 percent to $1,418.42 per ounce while U.S. gold futures were up 0.2 percent at $1,418.05.
After a less-dovish-than-expected European Central Bank statement, investors are now bracing for U.S. GDP data due tonight to see whether trade tensions likely helped push down economic growth.
Estimates suggest a decline in growth in the second quarter to 1.8 percent annualized from 3.1 percent in the previous period.
The Federal Reserve meets to set interest-rate policy on July 30 and 31, with traders anticipating a more modest 25-bps rate cut.
If the U.S. central bank fails to meet market expectations, gold prices could sink below $1,400.
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