Gold up on weak US equities

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday as U.S. equities slipped.
The most active gold contract for August delivery rose 12.5 U.S. dollars, or 0.97 percent, to 1,303.3 dollars per ounce.
Gold rose sharply in reaction to the S&P 500 slipping, causing a return to gold as a safe haven. Traders also weighed signs of the increasing violence in Gaza, and the resulting geopolitical tension caused a further rise in the precious metal.
Gold's gains were kept in check by a positive report by the U.S. Department of Commerce on Friday showing that orders for durable goods increased a seasonally adjusted 0.7 percent following a one- percent decline in May.
Silver for September delivery added 22.1 cents, or 1.08 percent, to 20.636 dollars per ounce. Platinum for October delivery gained 4.9 dollars, or 0.33 percent, to 1478.6 dollars per ounce.