Gold futures score first monthly gain since January

Gold futures scored their first monthly gain in four months on Friday, but still settled lower for the week on the back of recent strength in the U.S. dollar.

Prices had erased earlier losses Friday to settle higher after revised data showing that the U.S. economy shrank less than expected in the first quarter.

Gold for August delivery GCQ5, +0.09% rose $1, or 0.1%, to settle at $1,189.80 an ounce on Comex after earlier tapping a low of $1,186. On a most-active contract basis, gold futures ended May with a roughly 0.7% monthly gain, which was their first since January. Gold still lost 1.2% for the week, according to FactSet data.

July silver SIN5, -0.25%  advanced 3.2 cents, or 0.2%, to $16.701 an ounce. Prices were up about 3.6% for the month and lost 2.1% for the week.

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