Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday, with support from fresh fears about the eurozone economy and a weaker U. S. dollar.

The most active gold contract for June delivery rose 4.3 U.S. dollars, or 0.26 percent, to settle at 1,664.8 dollars per ounce.

Market analysts said that renewed concerns over the European financial crisis was the primary force boosting gold, as the precious metal is traditionally seen as a safe haven asset in times of economic difficulties.

Standard & Poor's Ratings Services recently downgraded Spanish bonds by two notches to BBB+, saying "an increasing likelihood that Spain's government will need to provide further fiscal support to the banking sector" and "there are heightened risks that Spain's net general government debt could rise further."

The Spanish downgrade initially sent the euro downward Friday, although the euro was able to recover to 1.3252 versus the dollar by afternoon trading.

The dollar was pressured by U.S. Department of Commerce report showing weaker than expected U.S. gross domestic product growth. In the first quarter of 2012, the U.S. economy grew at an annual rate of 2.2 percent, down from the three percent rate posted in the last quarter of 2011.

Outside market forces were also positive Friday, the U.S. equities markets and crude oil gained on the session.

Silver for July delivery rose 13.5 cents, or 0.43 percent, to close at 31.411 dollars per ounce. Platinum for July delivery gained 5.5 dollars, or 0.35 percent, to close at 1,575.7 dollars per ounce.