Daily Gold Update

Source: Bill Musgrave, American Gold Exchange

Austin— Gold fell 0.5% on a late-session dive, closing just over $1,343 in choppy trade after traders took profits from early gains. The metal had spent most of the session solidly higher, reaching an intraday high of $1,363 after another spate of weak U.S. data dimmed the rate view from the Fed. Prices were down around 0.9% for the week.

Retail sales, a key component of consumer spending, were unexpectedly flat in July, raising new questions about the economy's recovery from two straight quarters of subpar growth. On the plus side, the University of Michigan found consumer sentiment ticked up slightly in early August.

Separately, wholesale prices tumbled 0.4% last month, the biggest decline in nearly a year, deepening concerns that inflation is making little progress toward the Fed's 2% target. The dollar fell 0.2% on the disappointing data as traders speculate that the central bank will be unable to raise rates this year.

The other precious metals were lower for the day and week. Silver fell 1.6% today for a weekly loss of 0.6%. Platinum slid 2.4% on the day and 1.9% on the week. Palladium dipped 0.1% to finish the week down 0.8%.

At the Comex close: December gold dropped $6.80 to $1,343.20; September silver lost 32 cents to $19.70; October platinum shed $27.40 to $1,129.30; and September palladium dipped $1 to $690.80 an ounce.