Gold price goes lower

Singapore (Aug 14)  Gold turned slightly lower as the U.S. dollar pared losses on Friday, with investors grabbing profits after the metal jumped more than 1 percent following U.S. retail sales data that were unexpectedly flat in July.

Spot gold was down 0.3 percent at $1,334.36 an ounce by 2:50 p.m. EDT (1850 GMT).

It was on track to finish the week up 0.04 percent.

Spot gold rallied as much as 1.4 percent to $1,355.80 after Friday´s retail reading for last month surprised economists and suggested consumer spending was cooling after the second quarter´s brisk 4.2 percent rate of increase.

"Real money profit-taking sparked a sell-off that saw gold surrender the day's gains as sideways trade in gold over the past few weeks are encouraging some investors to deploy capital elsewhere," said Tai Wong, director of base and precious metals trading for BMO Capital Markets in New York.

Source: TheNews