Gold slips ahead of holiday weekend

London (Aug 29)  Gold futures retreated from their highest settlement price in a week on Friday, slipping ahead of the holiday weekend as investors await another batch of U.S. economic data.

At last check, gold for December delivery GCZ4, -0.26%  was down $4.40, or 0.3%, to $1,286.00 an ounce. September silver SIU4, -0.23%  lost 9 cents, or 0.5%, to $19.44 an ounce.

A day earlier, gold prices advanced as investors moved away from stocks and sought safe havens in the face of the escalating conflict in eastern Ukraine.

Separately, silver enjoyed its biggest one-day percentage gain in more than a month on Thursday.

On the economic front on Friday, readings on personal income and outlays for July are due early, followed by the Chicago purchasing managers index for August at 9:45 a.m. Eastern Time. Then, 10 minutes later, the August Reuters/University of Michigan consumer sentiment index is slated to hit. Economic preview: To maintain economic growth, consumers must spend more

President Obama said at a news conference on Thursday that Russia has deliberately and repeatedly violated the sovereignty and territorial integrity of Ukraine.

Dennis Gartman, the editor of The Gartman Letter, told Kitco News that he is looking for gold to remain rangebound in dollar terms, though he’s much more upbeat across various currencies.

“I’m really quite bullish on gold in yen and euro terms,” he said. “But I am absolutely, utterly, totally, completely, without equivocation neutral on gold in dollar terms.”

Elsewhere in metals trading, October platinum PLV4, -0.11%  slipped 30 cents to $1,424.90 an ounce, while December palladium PAU4, -0.02%  dropped 65 cents to $896.55 an ounce.

High-grade copper for September delivery HGU4, +0.51% which is coming off a third-straight session in the red, climbed 2 cents to $3.14 a pound.

Soirce: MarketWatch