profitaddaweb.com - Gold prices slide lower on Friday, as markets focused on the release of U.S. economic reports due later in the day for further indications on the strength of the economy.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were down 0.40% at $1,344.65.
The December contract ended Thursday’s session 0.14% lower at $1,350.00 an ounce.
Futures were likely to find support at $1,328.50, the low from August 9 and resistance at $1,354.20, the high from August 10.
Investors remained cautious ahead of U.S. retail sales and consumer sentiment reports due later Friday after weak data published earlier in the week dampened expectations for a 2016 rate hike by the Federal Reserve.
On Thursday, data showed that U.S. initial jobless claims decreased by 1,000 to 266,000 last week, disappointing expectations for a 4,000 drop to 265,000 last week.
Gold is sensitive to moves in U.S. rates. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases.
Earlier Friday, official data showed that China’s industrial production rose by an annualized rate of 6.0% in July, compared to expectations for a 6.1% increase and after a 6.2% gain in June.
Another report showed that the country’s retail sales rose by an annualized rate of 10.2% last month, confounding expectations for a 10.5% increase.
The data added to concerns over a slowdown in the world’s second largest economy. China is also the world’s second biggest consumer of gold.
Elsewhere in metals trading, silver futures for September delivery were down 0.16% at $19.992 a troy ounce, while copper futures for September delivery dropped 0.55% to $2.179 a pound.
