Investing.com - Gold prices were little changed on Friday, as markets continued to digest the previous session’s weak U.S. economic reports and investors awaited fresh U.S. data to be released later in the day.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were steady at $1,318.50.
The December contract ended Thursday’s session 0.61% lower at $1,1318 an ounce.
Futures were likely to find support at $1,310.80, Thursday’s low and resistance at $1,324.60, the high from September 12.
The Commerce Department reported on Thursday that U.S. retail sales fell 0.3% in August, worse than expectations for a 0.1% decline. It was the first decline in five months.
In a separate report, the Department of Labor said initial jobless claims rose less than expected last week, pointing to further tightening in the labor market. But the Labor Department also reported that U.S. producer prices were flat in August.
The data indicated that the Fed is likely to leave interest rates unchanged at its next meeting, which is scheduled for September 20-21.
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.
Market participants were looking ahead to upcoming reports on U.S. consumer price inflation and consumer sentiment, due later in the day for further indications on the strength of the economy.
Elsewhere in metals trading, silver futures for December delivery edged up 0.08% to $19.057 a troy ounce, while copper futures for December delivery gained 0.39% to $2.168 a pound.