Gold climbed to $1,130.10 (+0.67%) in Asian trade. Nevertheless it is on track to report declines this week. Investors are waiting for more data on the U.S. economy in order to assess prospects of a rate increase by the Federal Reserve. Yesterday the country's Commerce Department reported better-than-expected data: revised U.S. gross domestic product expanded by 3.7% in the second quarter compared to an initial reading of +2.3%. Consumer spending and business investment were revised up.

Fed Chair Janet Yellen will not attend the Economic Symposium in Jackson Hole this weekend. However investors will look for comments on interest rates from Fed vice president Stanley Fischer.

Despite a looming rate hike in the U.S., holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, stood at 21.95 million ounces on Thursday (the highest level in five weeks).