The contract hit an intraday record of $1,259.50 an ounce, giving investors hope gold was on track to surpass last Friday's record close of $1,258.30 an ounce.
It was not to be. Gold lost steam in the last minutes of trading, ending the week at a 0.2% loss after four consecutive weekly gains.
Bullion's run, however, pushed silver 2% higher and copper to a 3% gain.
"Every sell-off for gold has been bought, every support level has held," said Adam Klopfenstein, a senior market strategist with Lind-Waldock in Chicago. "We're still gravitating towards safe-haven" buying, he added.
Investors have grappled with the week's rising costs to insure Greek debt and uncertainty ahead of the weekend Group of 20 nations' meeting in Canada, when leaders could announce austerity measures of stimulus packages to address concerns about the pace of the global recovery.
Gold ended Thursday up $11.10 at $1,245.90 an ounce, the highest finish for gold since last week's record.
Gold's road to the record "was a slow, steady advance, which is much better than" fear-fueled sudden highs, said Frank Lesh, a broker with FuturePath Trading in Chicago. "We still expect $1,300" in the near term, he added. All the elements that brought gold to a record -- concerns about the economic recovery and Europe's financial health -- are still in place, he said.
Bullion retained its gains after data showed that U.S. real gross domestic product for the first quarter was revised down to an increase of 2.7% annualized from the earlier estimate of a 3.0% rise. Read more about the GDP report.
The change resulted largely from weaker consumer spending and a ballooning trade deficit. In contrast, economists polled by MarketWatch expected no revision to first-quarter growth.
Gold is typically seen as a safe-haven investment, or an asset that preserves its value during times of economic and financial turbulence.
Also on the Nymex, July silver futures added 37 cents to settle at $19.11 an ounce. July copper advanced 9 cents to end at $3.09 a pound.
The dollar index /quotes/comstock/11j!i:dxy0 (DXY 85.31, -0.42, -0.49%) , which compares the greenback to a basket of six currencies, was 0.4% lower at 85.34, providing gold with extra oomph on the day.
The SPDR Gold Trust /quotes/comstock/13*!gld/quotes/nls/gld (GLD 123.03, +0.27, +0.22%) , the largest exchange-traded fund backed by gold, posted a fresh holdings record on Thursday, the last day for which statistics are available.
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