LONDON: Gold prices fell on Friday as investors took profits following a recent rally, while a lack of fresh catalysts for further gains put pressure on the precious metal.
Spot gold fell 0.5% to $4,326.75 an ounce, while US gold futures for December delivery declined about 1% to $4,382.50 an ounce.
Gold had climbed to its highest level since June 5 on Thursday before retreating, with prices later recording a 1.3% decline.
Other precious metals also weakened. Spot silver fell 0.4% to $64.17 an ounce, while platinum declined 0.3% to $1,711.84. Palladium was little changed at $1,306.98 an ounce.
Market analysts said some investors were locking in profits after the recent rally. They also said there was no major immediate catalyst to drive gold prices higher.
Relatively soft U.S. inflation data also weighed on market sentiment. U.S. producer prices showed no increase in July, while consumer prices posted only a modest rise.
The data eased some inflation concerns and influenced expectations over the outlook for U.S. monetary policy, adding to pressure on gold prices.
