Commodities

Friday,12 September,2014

Gold slips for fifth straight day
Gold futures edged lower early Friday, putting them on pace for a fifth straight downhill day.

Retail-sales data matched expectations, raising confidence in the U.S. economic outlook and dampening haven demand.

This week, gold has been undercut by a dollar that’s finding support in expectations the Federal Reserve will take a more hawkish tone on interest rates.

Gold futures for December delivery dipped by $2.80, or 0.2% to $1,236.20 U.S. an ounce. The contract had been down by just $1.20 shortly before the report on retail sales.

December gold is on pace for a weekly loss of 2.5%, while December silver is on track for a weekly drop of 3% as it slipped two cents, or 0.1%, to $18.58 U.S. an ounce Friday.

Sales at U.S. retailers rose in August by 0.6%, matching expectations and representing the biggest increase since April. Sales were revised higher for June and July.

Investors also were waiting for a report on consumer sentiment at 9:55 a.m. Eastern and a reading on business inventories at 10 a.m.

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