Investing.com - Gold prices fell on Thursday, but still remained near a one-month peak as Wednesday's disappointing U.S. data added to concerns over the outlook for global economic growth, supporting demand for the safe-haven asset.
On the Comex division of the New York Mercantile Exchange, gold for December delivery traded at $1,222.80 a troy ounce during European early morning hours, down 0.42%.
The December contract settled 0.85% higher on Wednesday to end at $1,244.8 a troy ounce.
Futures were likely to find support at $1,222.00, Wednesday's low and resistance at $1,250.30, Wednesday's high and a one-month high.
Gold prices hit one-month highs on Wednesday after a string of disappointing U.S. data further dampened expectations for an early rate hike by the Federal Reserve.
Official data showed that U.S. retail sales fell 0.3% last month, more than the expected 0.1% slip, after an increase of 0.6% in August.
Core retail sales, which exclude automobiles, dropped 0.2% in September, confounding expectations for a 0.3% gain, after a 0.3% rise the previous month.
A separate report showed that U.S. producer price inflation slipped 0.1% last month, disappointing expectations for a 0.1% rise, after a flat reading in August.
In addition, the Federal Reserve of New York reported that its manufacturing index tumbled to a six-month low of 6.2 in October from a reading of 27.5 the previous month. Analysts had expected the index to tick down to 25.5 this month.
A delay in raising U.S. interest rates would be seen as bullish for gold, as it decreases the relative cost of holding on to the metal, which doesn't offer investors any similar guaranteed payout.
Elsewhere in metals trading, Comex, silver for December delivery slipped 0.25% to $17.420 a troy ounce, while December copper eased 0.08% to trade at $3.005 a pound.