Gold climbed to a five-week high on speculation that central banks around the world will take further steps to spur growth.

The U.S. economy expanded 1.5 percent in the second quarter, slower than the 2 percent gain in the first three months of the year, as a softening job market prompted Americans to curb spending, Commerce Department figures showed today. The median forecast of economists surveyed by Bloomberg News was a 1.4 percent increase. Yesterday, European Central Bank President Mario Draghi said policy makers will do whatever is needed to save the euro. Gold is headed for the biggest weekly rally in two months.

Fed Chairman Ben S. Bernanke said last week that U.S. policy makers are “looking for ways to address the weakness in the economy should more action be needed to promote a sustained recovery in the labor market.”

Bullion surged 70 percent from the end of December 2008 to June 2011 as the Fed kept borrowing costs at a record low and bought $2.3 trillion of debt in two rounds of so-called quantitative easing. Policy makers are scheduled to announce a rate decision on Aug. 1.

The cost of the August gold futures on the COMEXis now 1616.1 dollars per ounce.