Gold moved higher on Friday after U.S. data showed economic growth stalled in the fourth quarter. The price of the precious metal was on track for its biggest monthly rise in a year after global economic headwinds hit riskier assets.
The metal has risen nearly 5% in January, underpinned by concerns over the world's growth outlook, especially China, which has raised questions about the pace of interest rate rises in the United States.
Spot gold was up 0.1% at $1,116.07 U.S. an ounce, while U.S. gold for February delivery was up 0.1% at $1,117.70 U.S. an ounce.
The shiny yellow metal reached a 12-week high of $1,127.80 U.S. on Wednesday, after the Federal Reserve said it was closely watching the global economy and financial markets, buttressing the view that U.S. policymakers may not be able to raise interest rates again as soon as March. Gold prices slid 10% last year on fears that higher U.S. interest rates would lift the opportunity cost of holding the metal.
Elsewhere in metal news, spot silver was up 0.2% at $14.26 U.S. an ounce. Platinum rose 0.9% to $867.84 U.S. an ounce. Palladium gained 0.7% to $493.25 U.S.
