Gold futures turned lower Friday after the day's round of economic data showed the U.S. consumer becoming slightly more confident and business inventories inching higher.
Gold for December delivery, the most active contract, retreated $1.60 U.S., or 0.1%, to $1,215.40 U.S. an ounce the Comex division of the New York Mercantile Exchange in light Friday trading. On the week, gold has risen 0.8% so far.
Gold hit a six-week high on Thursday, playing off disappointing data from the Labor Department on weekly jobless claims that added to investor worries about the recovery.
The University of Michigan/Reuters index of consumer confidence rose to 69.6 in August from 67.8 in July, according to media reports, and topping expectations.
Separately, the Commerce Department showed June business inventories up 0.3%.
Before the bell Friday, a report showed U.S. retail sales rose 0.4% in July, just less than analyst expectations. Separately, the U.S. Labor Department said its consumer price index, tracking inflation at the retail level, grew by 0.3% last month.
Although some analysts have been concerned about deflation, consumer prices have risen 1.2% in the last 12 months, while core prices gained 0.9%. Gold is often an investment made to guard against inflationary fears.
Since its lows in late July, gold has traded tightly around $1,200 an ounce and recently held steady above the mark as global economic concerns revived.
