Gold retreats from two-month high as investors take profits

Gold prices fell today (Friday) as investors sought to lock in profits after the metal’s price surged to its highest level in more than two months in the previous session, following inflation data that undermined expectations for a Federal Reserve (the US central bank) interest rate hike in September.

Spot gold fell 0.5% to $4,330.37 per ounce, while US December gold futures dropped 0.8% to $4,386.80.

Gold had risen yesterday (Thursday) to its highest level since June 5, before retreating 1.3% and wiping out the week’s gains.