* U.S. Q1 GDP estimates due at 1230 GMT
* Silver on track for biggest weekly rise since mid-April
(Recasts throughout, updates prices, adds quotes)
By Vijaykumar Vedala
May 26 Gold hit a more than one-week high on
Friday, as the dollar retreated and Asian stocks slipped with
investors shying away from riskier assets following a tumble in
Oil prices edged up but markets remained on the back foot
following a 5 percent slump in the previous session after an
extension of output curbs by OPEC and other producing nations
left investors hoping for bigger cuts disappointed.
Spot gold was up 0.6 percent at $1,262.89 per ounce
by 0832 GMT after touching a high of $1,264.13 earlier in the
session. The yellow metal has gained 0.6 percent so far this
U.S. gold futures gained 0.5 percent to $1,262.9 an
Gold has just moved sideways in the $1,245-$1,265 range over
the past few sessions, said Brian Lan, managing director at gold
dealer GoldSilver Central in Singapore, adding that: "Investors
are looking for cues on the U.S. Federal Reserve rate hikes and
the upcoming UK elections."
"People are still waiting to see whether there is a clear
direction for gold to move. Until then gold will continue to
Gold is used as an alternative investment during times of
political and financial uncertainty.
The big data points for the day will be the Q1 GDP figures
from the United States as well as the durable goods figures,
said Jordan Eliseo, chief economist at ABC Bullion.
"We did issue a buy recommendation on gold some two days ago
and will stick with that for the time being, especially
considering how well the complex held up in Thursday's session
against a variety of headwinds," INTL FCStone analyst Edward
Meir said in a note.
In the wider markets, Asian stocks slipped on Friday with
MSCI's broadest index of Asia-Pacific shares outside Japan
, which closed at a two-year high on Thursday,
falling 0.1 percent.
The dollar index , which measures the greenback
against a basket of six major rivals, fell 0.2 percent and last
traded at 97.090.
Among other precious metals, spot silver was up 0.6
percent at $17.23, platinum was 0.5 percent higher at
$951.50, while palladium rose $0.5 percent to $775.10.
Silver has risen about 2.7 percent this week and is on track
to mark its biggest weekly rise since mid-April. Platinum is up
1.2 percent for the week and is set to notch its third straight
Palladium has gained 1.8 percent this week and is on track
for its first weekly gain this month.
(Reporting by Vijaykumar Vedala in Bengaluru; Editing by Sunil
Nair and Subhranshu Sahu)