Commodities Rally Across the Board (GLD, SLV, USO)

Commodities are broadly higher in late trade on Friday, as markets digest new data on the U.S. economy.

Data released by the U.S. Commerce Department showed that economic growth slowed in the second quarter to 2.4 percent, after a revised 3.7 percent growth rate in the first three months of the year.

U.S. light, sweet crude for September settled 59 cents higher, at $78.95 a barrel on the New York Mercantile Exchange. The United States Oil Fund (NYSE: USO) is higher by more than 0.75% today, to $35.33.

Gold is trading at $1181 an ounce, higher by more than 1%. The SPDR Gold Trust (NYSE: GLD) is higher by more than 1.15% Friday, to $115.63.

According to a Reuters report, "Gold is still down nearly 6 percent so far in July, on track for its biggest monthly loss since December, having slipped as concern over euro zone sovereign debt levels, which sent the metal to a record $1,264.90 an ounce in June, receded."

"Compared to the buying we saw in the early summer months on the gold market, which was driven by sovereign debt, a downward revision in the second estimate of U.S. GDP growth is relatively small fish," said Bank of America-Merrill Lynch analyst Michael Widmer. "I think that is why we popped up but then came off again."

Elsewhere on Friday, the iShares Silver Trust (NYSE: SLV) is higher by more than 2.4%. Copper and Natura Gas are both higher today.