(Reuters)
Gold prices rose Friday, while signs of weakening global growth have again rekindled investor interest in safe haven metal, therefore, prices remain heading towards the first weekly gain in five weeks ahead of US GDP data.
By 0555 GMT, spot gold rose 0.2 percent to $ 1279.91 an ounce.
Gold has gained 0.4 percent since the start of the week and is heading towards the first weekly gain since the week ending March 22.
Gold in US futures rose 0.2 percent to $ 1,282 an ounce.
Asian stocks fell as stocks across the world were hit by data from Germany and Asia indicating that the global economy was still constrained by the slowdown.
Helen Lau, analyst at Argonaut, said, "Weak data suggest that countries may need to take monetary easing measures, which provides support for gold prices."
"Some investors want to move from equity markets to safe haven asset classes," she said.
The dollar is near a two-year high on signs that the US economy is performing much better than other economies, which is curbing the metal's precious gains.
For other precious metals, silver rose 0.4 percent to $ 14.99 an ounce and gained 0.4 percent since the start of the week.
Platinum rose 0.9 percent to $ 890.11 an ounce. The metal has fallen 1.2 percent since the beginning of this week.
Palladium rose 0.1 percent to $ 1,416.52 an ounce. The metal has been down 0.4 percent since the start of the week, its first weekly drop in three weeks.
