Gold prices were lower Friday morning, falling out of a tight trading range amid a flurry of US economic data.
U.S. producer prices rose a seasonally adjusted 0.3% in November. This was the fastest pace of wholesale inflation since June.
Meanwhile, retail sales excluding automobiles, gasoline, building materials and food services increased 0.6 percent, confirming that US shoppers were in the mood to spend during the pivotal holiday season.
Today’s news bolsters expectations for a Federal Reserve rate hike next week.
US gold was down $7 at $1064 an ounce, nearing its recent 5-year lows.
The material has been provided by InstaForex Company – www.instaforex.com