Commodities
Gold Prices Tumble as Profit-Taking Dominates Market
Gold prices retreated on Friday as investors took profits, leading to losses for the precious metal at the end of the week.
The price of gold had reached its highest level since June 5 on Thursday but dropped by 1.3% that day and continued falling into the weekend.
Market data shows spot gold fell 0.5% to $4,326.75 per ounce, while U.S. December gold futures dropped nearly 1% to $4,382.50 per ounce.
The decline in gold prices comes after softer U.S. inflation figures and falling non-farm payrolls reduced the probability of a September Fed rate hike from 55% to 35%, according to analysts.