While recent U.S. economic data showing signs of a downturn in the world's largest economy boosted bets on an interest rate cut by the Federal Reserve this year, gold prices rose by more than 1% on Thursday to reach their highest level in two weeks.

Spot gold was up 1% to $2,351.55 per ounce at 10:04 ET (14:04 GMT), its highest since June 7. US gold futures rose by 0.8% to $2,365.50. Jim Wyckoff, senior market analyst at Kitco Metals, said in a note that “bulls in precious metals are more confident at the end of the week, following the weaker U.S. retail sales report earlier

Among other precious metals, spot silver rose 2.1% to $30.37 per ounce, platinum fell 0.1% to $979.45, and palladium gained 1.7% to $920.