Gold rose to settle near $1,540 on Friday, notching its biggest one-day gain in three weeks, as weakness in the dollar gave the precious metal a boost.
Gold
Boris Engelberg | Stock4B | Getty Images
Bullion also drew support from economic uncertainty as EU powers Germany and France scrambled to save Greece from default, and as Greece's embattled prime minister replaced his finance minister to force an unpopular austerity plan.
Gold accelerated gains after a key measure of future U.S. economic activity rose more than expected in May to a record high, while U.S. consumer sentiment worsened more than forecast in June on continued pessimism about the economy.
"We are seeing a return to risk as the equity market was up and the dollar is down. Obviously, gold is reacting to that well," said David Meger, director of metals trading at Vision Financial Markets.
Spot gold [XAU= 1538.40 -0.10 (-0.01%) ] was last up 0.8 percent, bidding around $1,540 an ounce, its strongest one-day rally since late May.
Even as gold benefits from disappointing U.S. economic outlook, the metal has failed to breach its record high $1,575 set in early MayA combination of technical selling, a firm dollar and sliding crude oil prices have kept gold from rising further.
The metal is still up nearly 5 percent in the past 30 days on debt problems in Europe, inflation fears in China following strong economic data, and worries about a U.S. economic slowdown.
On Friday, gold gained as the euro rose on hopes for a new Greek aid package and as Germany vowed to work with the European Central Bank to resolve the crisis, although the currency remained vulnerable if there was no concrete solution. .
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