Gold Prices Slip on Profit-Taking as Rate Hike Odds Fall

Gold prices fell on Friday as investors took profits after mild US inflation data pushed bullion to its highest level in more than two months, weakening the case for a near-term Federal Reserve rate hike.

The spot gold price was down 0.6% at $4,324.39 per ounce as of 0538 GMT, while US gold futures for December delivery slid nearly 1% to $4,379.20.

Ilya Spivak, head of global macro at finance content network Tastylive, said there was some 'episodic and more speculative capital' taking profits in gold because there wasn't a near-term catalyst.

Spivak added that if the $4,400 price point is taken out, he didn't think $5,000 by year-end would be a sketchy target.