Gold Prices Retreat as Investors Take Profits

Gold prices retreated on Friday after reaching a two-month high in the previous session. The metal had climbed to its highest level since June 5, but investors sought to take profits and erased its weekly gains.

The US Federal Reserve's decision to leave interest rates unchanged next month was reinforced by data showing moderate consumer price inflation last month. US producer prices were unchanged in July, with goods prices declining while the cost of services rose slightly.

Gold futures for December delivery declined 0.8% to $4,386.80, and spot gold fell 0.5% to $4,330.37 an ounce. Other precious metals also declined, with silver falling 0.8%, platinum declining 1%, and palladium dropping 0.3%.