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Shanghai - Gold was steady on Friday, as investors waited for a key speech from Federal Reserve chief Ben Bernanke later in the day and expected the US to revise downward its second-quarter economic growth figure.
The US government is seen revising its second-quarter economic growth to an annual pace of 1.4% from a previous figure of 2.4%.
"If the figure released comes close to 1.4%, it will be pretty bearish on the market, and could provide some safe-haven need for gold," said Ong Yi Ling, an analyst at Philip Futures. "I see some upside potential."
An announcement of more stimulus measures or quantitative easing policies by Bernanke would also benefit gold, as such measures would feed long-term inflationary pressure, Ong added.
Spot gold gained $1.06 to stand at $1 236 an ounce by 05:35, as a weekly rise of 0.7% carried it towards its fourth straight week of gains. It hit $1 244.00 on Thursday, its highst since June 30.
The recent disappointing data flow from the US recently has aroused fears of a double dip in the economy, although new jobless claims figures released on Thursday showed a surprise fall, offering some relief to investors.
U.S. gold futures for December delivery were at $1 238 an ounce, barely changed on the day.
A bullish target for spot gold at $1 260 per ounce has been aborted, as it failed to climb up successively on Thursday but corrected with an indication the rally is very exhausted, according to Reuters market analyst Wang Tao.
"There is slight selling, mainly from Thailand. Speculators are trading about the range - selling above $1 240 and buying under it," said a Singapore-based physical dealer.
"If prices continue to move to $1 245 to $1 250, we should be able to see more selling coming up. Otherwise, the current range won't prompt huge buying or selling."
Silver fell 1 cent to $18.89 an ounce, easing from a near two-month peak of $19.15 on Thursday. Silver is headed for a 5.3% gain on the week, its strongest weekly gain since early April.
Holdings in the world's largest silver-backed exchange-traded fund, the iShares Silver Trust, rose to 9 196.69 tonnes by August 26 from 9 175.38 tonnes on August 24.