The rally in gold prices fizzled out Friday morning ahead of some closely watched U.S. economic data, including the latest reading on consumer sentiment.
Gold for December was down $8 at $1180 an ounce on the Comex.
Gold futures hit a 4-month high near $1190 an ounce in the previous session, fueled by talk the Federal Reserve will delay raising interest rates until mid-2016.
Some Fed hawks still want to hike rates, but other policy makers came out publicly this week in favor of waiting beyond year’s end, citing downside risks to the economy.
The University of Michigan is due to release the results of its preliminary U.S. consumer sentiment survey at 10 am ET. Economists expect the consumer sentiment index to rise to 89.5 in October from 87.2 in September.
The material has been provided by InstaForex Company – www.instaforex.com