Silver prices rose on Friday, despite the dollar's rise against most currencies, as precious metals attracted demand due to a drop in stock markets.

The markets digested the US data that was released yesterday and showed the US GDP contracted 32.9% in the second quarter.

The dollar index rose against a basket of currencies by 0.3% to 93.3 points as of 19:28 GMT, after hitting a high of 93.3 and a low of 92.2.

Silver September futures rose 3.7%, to close at $24,216 an ounce, with weekly losses of 1.2%, but posted monthly gains of 30%, after hitting a day high of $24.5 and a low of $23.4

Gold August futures rose 1% to close at the all-time highest level at $1,985.9 an ounce, and posted weekly gains of 5% and monthly gains of 10.5%, which are the largest since 2012.

The US stock indices have moved in opposite directions on Friday, the last session in July, despite the release of upbeat economic data and a recovery in the tech sector.

Major tech companies, led by Apple and Facebook, announced yesterday better second quarter earnings than analysts anticipated.

Data showed today that the US personal spending index rose 5.6% in June, while personal income fell 1.1%.

The Federal Reserve voted on Wednesday to maintain rates near zero while asserting its readiness to use all available tools to bolster the economy against the coronavirus pandemic.

As for stocks, Dow Jones lost 0.5% or 125 points to 26,190 as of 15:47 GMT, and S&P 500 held at to 3,245, while Nasdaq rose 0.8% or 80 points to 10,671.

European stocks rose on Friday, within recovery attempts from a 4-week low, lifted by upbeat earnings reports by major companies in Europe, but still on the cusp of the second straight weekly loss.

The Stoxx Europe 600 index rose 0.3% as of 10:35 GMT, after it lost 2.2% yesterday and hit a 4-week low of 356.52 points.

The Index opened higher, to rebound from a 4-week low, with most of the major European markets and sectors seeing green today.

The tech sector sector saw the largest gains in Europe today, rising more than 1.5%, thanks to Nokia's business results.

Nokia stocks jumped more than 10%, after the company revealed better second quarter earnings than analysts anticipated, and the company's CEO said that there are concrete mid-term opportunities due to geopolitical trends.

European stocks lost around 1.5% so far during this week, to head for the second straight weekly loss.

S&P 500 futures fell 0.25%, after the index closed lower by 0.4% yesterday due to weak economic data in the US.

Back to Europe, the Euro Stoxx 50 index added 0.4%, France's CAC 40 rose 0.2%, Germany's DAX added 0.5%, and the UK's FTSE 100 rose 0.1%. 

Oil prices rose on Friday, to recoup some of yesterday's losses, after the US crude fell below the $40 barrier for the first time in 3 weeks.

Oil rebounded today from the weak US economic data that was released yesterday and showed the US GDP contracted 32.9% in the second quarter.

Baker Hughes will reveal later today the US oil drilling rigs count for this week.

The dollar index fell against a basket of currencies by 0.1% to 93.1 points as of 14:02 GMT, after hitting a high of 93.2 and a low of 92.2.

As of 13:57 GMT, West Texas Intermediate crude rose 0.6% to $40.1 a barrel, after it hit an intraday high of $40.5 and a low of $39.9.

Brent rose 0.8% to $43.2 a barrel, with a high of $43.4 and a low of $43.05.