2017.05.2614:04:00UTC+00Gold Adds To Monthly Gains Despite Rate Hike Expectations

Gold futures rose Friday, extending weekly gains on worries the North Korea conflict will intensify.

President Donald Trump's visit with European dignitaries also turned a few heads due to some behavior that was seen as contentious.

With gold's safe haven demand picking up, June gold settled at $1,268.10/oz, up $11.70, or 0.9%, for the session. Prices were up 1.2% for the week, the third consecutive weekly gain.

Traders ignored some positive economic data that cements expectations for a Federal Reserve rate hike.

The Commerce Department said gross domestic product climbed by 1.2 percent in the first quarter compared to the previously reported 0.7 percent increase.

Economists had been expecting a more modest upward revision to the pace of GDP growth to approximately 0.9 percent.

Meanwhile, new orders for manufactured durable goods pulled back by less than expected in the month of April.

The report said durable goods orders slid by 0.7 percent in April after jumping by an upwardly revised 2.3 percent in March. Economists had expected orders to slump by 1.4 percent.

Later, the University of Michigan released revised data showing that consumer sentiment in May was virtually unchanged from the previous month.