Investing.com -- Gold futures inched up on Friday extending modest gains from the previous session, as a basket of mixed U.S. economic data weighed on the dollar and a lack of progress with the Greek debt negotiations remained in focus.
On the Comex division of the New York Mercantile Exchange, gold for August delivery gained 1.60 or 0.13% to 1,190.40, ending the final session of May on a high note.
Gold futures traded in a tight of range of 1,186 on the low end and a high of 1,194.00, capping an abbreviated week headlined by Tuesday's plunge of 1.6% amid a resurgent dollar. For the month, the precious metal gained less than 1% wavering between a low of 1,168.40 on May 1 and a peak of 1,232.80 on May 18 when it surged to a three-month high. While the gains appear to be fairly reasonable, gold still finished with its best month since January when it soared more than 7.85%. In April, gold futures ticked up 0.07% after experiencing losses of 2.42 and 5.23% in March and February respectively.
Gold likely received support at 1,183.90 the low from May 27 and was met with resistance at 1,215.30, the high from May 22.
Gold spiked to a session-high on Friday after U.S. GDP for the first quarter was revised downward to minus 0.7% from an initial reading of 0.2%. The reading was in line with analysts' expectations of a downward revision of minus 0.8%. A surge in imports to 5.6% from an initial gain of 1.8%, linked to an abrupt unloading of imports at West Coast ports was thought to be responsible for the revision. A port work stoppage throughout the winter weighed on the U.S. economy in the first quarter. First quarter GDP was also sluggish in 2014, when it fell by 2.1% from the previous quarter. For the second quarter, U.S. GDP is expected to gain roughly 3% during the period as transitory factors recede.
Separately, a rebound over the last two weeks lifted the University of Michigan Consumer Sentiment Survey to 90.7, above a mid-month flash of 88.6. The reading is still down significantly from April's level of 95.9. Consumer expectations, meanwhile, fell to 84.2 from 88.8, illustrating diminished confidence in the long-term outlook of the labor market.
The U.S. Dollar Index, which measures the strength of the greenback versus a basket of six other major currencies, fell 0.15% to 96.98.
Dollar-denominated commodities such as gold become more expensive for foreign purchasers.
Elsewhere, Greece's troika of creditors said late Thursday evening that a deal which would unlock critical aid to Athens was "not imminent," in spite of contrary reports. Earlier this week, Greece appeared hopeful a solution could be reached by Sunday.
Silver for July delivery gained 0.039 or 0.23% to 16.708 an ounce.
Copper for July delivery plunged 0.036 or 1.30% to 2.731 a pound.