Gold soared on Friday, building on gains from the previous session, as the greenback slipped touching four-month lows due to a slight drop to the U.S. GDP for the Q3 and weak job market figures.

Spot gold advanced 0.2% to $2,049.20 per ounce, while gold futures advanced by 0.5% to $2,060.65 per ounce.

Now, all eyes were on crucial inflation figures that will be released later in the day, which would provide further proof that the Federal Reserve will lower interest rates in 2024.

With Friday's advances, spot gold almost broke out of the trading range of $2,000–$2,050 an ounce that had been formed during the previous week, which was welcomed by gold bulls who perceived signals of a weakening U.S. economy.

According to a revised estimate of third-quarter GDP, the US economy increased somewhat less than anticipated. Still, the reading indicated that the US economy was expanding significantly faster than that of its developed-nation counterparts.