Strategist

US gold futures for December delivery settled nearly 2 percent higher on the day. But a "longer-term decline" will likely follow Friday's climb, which will limit opportunities for investors buying the metal, said Thomas Vitiello, principal at Aurum Options Strategies.

US GDP a dud but gives Fed inflation glimmer it needs

Second-quarter GDP grew at a 2.3 percent pace, lower than the 2.5 percent or even more expected by economists. But some traders quickly focused on the 1.8 percent quarter-to-quarter gain in the core PCE deflator, the Fed's preferred inflation gauge.

China stocks plunge, suffer biggest one-day loss since 2007

The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 8.6 percent, to 3,818.73, while the Shanghai Composite Index lost 8.5 percent, to 3,725.56 points.

China stocks slump on IPO concern, Hong Kong holds steady

The market was also spooked by domestic media reports that state-owned Central Huijin Investment Ltd has been slashing holdings in exchange-traded funds tracking main indexes.

China's March exports shrink 15% y/y in surprise fall

In a sign of soft domestic demand, imports into the world's second-biggest economy also shrunk 12.7 percent last month compared with a year ago, data from the General Administration of Customs showed.

Asia up on Wall Street's lead, dollar holds gains

The region's focus fell on the Reserve Bank of Australia's policy decision due at 0430 GMT. Expectations are that the central bank would cut interest rates further in the wake of falling prices of iron ore, the country's biggest export.