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Gold rose on Friday as technical indicators and suggestions the U.S. central bank may delay a rate rise provided support, but the metal was still on track to post its biggest weekly drop in five weeks amid dollar strength and strong U.S. economic data.
Spot gold was up 0.8 percent at $1,134.26 an ounce, but still down more than 2 percent for the week.
U.S. gold for December delivery rose 1 percent to settle at $1,134 an ounce.
The gains came as U.S. Federal Reserve officials suggested the central bank may delay tightening monetary policy beyond next month due to turmoil in financial markets.
A rate rise would dim the appeal of non-interest bearing assets like gold.
"With that in mind, there's a little bit of breathing room," said Eli Tesfaye, senior market strategist for brokerage RJO Futures in Chicago, noting that this "breathing room" allowed technical factors to take over. "This is a classic retracement from low to high."
Gold prices crossed a key technical retracement level between July's 5-1/2-year lows and last week's 6-1/2-week highs, providing a chart-based boost, Tesfaye said.
Nonetheless, bullion still plunged 2.3 percent on the week, as a slew of U.S. economic data suggested stronger growth.
U.S. consumer spending picked up in July, data showed on Friday. This followed Thursday's upward revision in U.S. economic growth in the second quarter to 3.7 percent from the initial estimate of 2.3 percent.
"The big question for next week is whether the anxiety that crept into the market on Aug. 10 when China devalued its currency is going to continue," Saxo Bank senior manager Ole Hansen said.
Weak gold prices have failed to spur physical demand in Asia, with premiums in India slipping and investors in China still hooked on volatile equities.
Palladium rose sharply for the second straight session on physical buying and technical dealings after hitting five-year lows on Wednesday, Tesfaye said. It was up 4.6 percent to $585 an ounce on Friday, for its largest two-day gain since 2008.
Spot silver was up 0.6 percent at $14.56 an ounce, having fallen to a six-year trough of $13.93 on Wednesday. Silver has dropped nearly 5 percent this week, its steepest such decline since February. Platinum was up 1.5 percent at $1016.50 an ounce.