(RTTNews) - Gold soared again on Friday and finished the session above $930 an ounce. August-dated closed at $931.30, up $16.20 on the session. Gold reached as high as $933.00 in mid-day trading, a one-month intraday high.

The precious metal's hedge value was boosted by record oil prices and another drop for the U.S. dollar. After topping $140 for the first time on Thursday, oil moved towards $143 in Friday's session. Meanwhile, the dollar added to its near-term lows against the euro and sterling.

Gold prices soared by $32.80 on Thursday as traders mulled the Federal Reserve's decision to leave its target interest rates at 2%, as expected. The metal has added more than $55 an ounce from the low crossing of Wednesday's session, which ended before the rate decision was announced.

Stochastics and the RSI indicated over-bought status for August gold. The next upward target is $935.40, the high crossing of May 27. If gold can get past $940.10, it will reach a two-month high. If prices turn lower, gold could find support at Thursday's low crossing of $886.60.

In economic news on Friday, data released by the Department of Commerce showed personal income showed a substantial increase in the month of May, with the report also showing a notable increase in personal spending. The report showed that personal income surged up 1.9 percent in May following an upwardly revised 0.3 percent increase in April. Economists had been expecting a much more modest increase in income of about 0.4 percent.

The Commerce Department also said that personal spending jumped 0.8 percent in May after an upwardly revised 0.4 percent increase in the previous month. The increase came in slightly above economist estimates of a 0.7 percent increase.

Later in the morning, investors pondered the release of data showing that consumer sentiment fell to another 28-year low in June. The Reuters/University of Michigan Consumer Sentiment Index came in at 56.4, a slightly worse-than-expected result.

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