Investing.com - A slew of worries fueled by U.S. and European data, Argentina's default on its debts and conflict in Ukraine and in the Middle East sent investors rushing to safe-harbor gold positions on Friday.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,264.60 a troy ounce during U.S. trading, up 0.92%, up from a session low of $1,281.50 and off a high of $1,298.00.
The December contract settled down 1.09% at $1,282.80 on Thursday.
Futures were likely to find support at $1,281.30 a troy ounce, Thursday's low, and resistance at $1,314.60, Monday's high.
Bad news from across the globe boosted gold prices due to the precious metal's safe-haven appeal.
The Labor Department reported earlier that the U.S. economy added 209,000 jobs in July, missing expectations for an increase of 233,000. The number of jobs added in June was revised up to a 298,000 gain from a previously estimated rise of 288,000.
The report also showed that the U.S. unemployment rate ticked up to 6.2% last month from 6.1% in June. Analysts had expected the rate to remain unchanged in July.
Investors avoided the dollar, which moves inversely with gold, on the data to reexamine how much time will past from when the Federal Reserve will wind down its bond-buying stimulus program and when it will begin hiking benchmark interest rates.
While the economy is improving, the Fed noted in its July statement on interest rates this week that slackness remains in the labor market.
Elsewhere, the revised Thomson Reuters/University of Michigan consumer sentiment index rose to 81.8 in July from 81.3 in June, missing expectations for a reading of 82.0, which added to Friday's profit taking.
Separately in the U.S., the Institute of Supply Management reported that the U.S. manufacturing purchasing managers' index rose to 57.1 in July from 55.3 in June, beating expectations for an increase to 56.0, though investors avoided the greenback due to jobs and sentiments reports.
Meanwhile in Europe, the Markit research group said that Germany's manufacturing purchasing managers' index fell to 52.4 last month from 52.9 in June. Analysts had expected the index to remain unchanged.
For the entire euro zone, Markit said the manufacturing PMI ticked down to 51.8 in July, from a reading of 51.9 the previous month. Analysts had also expected the index to remain unchanged.
Meanwhile in Asia, official data showed that China's manufacturing PMI rose to 51.7 from 51.0 in July, beating market expectations for a 51.4 reading.
Still, China's HSBC final manufacturing PMI ticked down to 51.7 last month from 52.0. Analysts had expected the index to remain unchanged.
Elsewhere, Argentina defaulted on its debts this week, which sparked fears markets could roil on the event, while concerns that tensions in Ukraine and Gaza will dampen global recovery also boosted demand for the yellow metal.
Meanwhile, silver for September delivery was down 0.44% at $20.322 a troy ounce, while copper futures for September delivery were down 0.35% at $3.220 a pound.