Sterling hit a two-month high against the dollar on Friday after weak U.S. employment data prompted investors to dump the U.S. currency on the view that the country's economic recovery is faltering.

The pound climbed to $1.5230, its strongest since early May. It tracked a rally in the euro, which has shot up versus the dollar this week after a run of weak U.S. economic data has prompted a short squeeze in the single currency.

The price of gold rose more than 11 percent in the second quarter, as safe-haven demand lifted the metal to its best quarterly performance since the fourth quarter of 2007.

Spot gold was at $1,242.60 an ounce at 2:26 p.m. EDT, against $1,238.00 late in New York on Tuesday. U.S. gold futures for August delivery settled up $3.50 at $1245.90 an ounce.