Gold retreats under profit-taking pressure after reaching highest level in over two months

Gold prices fell on Friday as investors moved to take profits, after the precious metal recorded its highest level in more than two months in the previous session, supported by inflation data that bolstered expectations of a Federal Reserve interest rate cut in September.

Spot gold fell 0.5 percent to $4,330.37 per ounce by 01:03 GMT, while U.S. December gold futures dropped 0.8 percent to $4,386.80.

Among other precious metals, spot silver fell 0.8 percent to $63.92 per ounce, platinum declined 1 percent to $1,700.60, and palladium dropped 0.3 percent to $1,303.25. Platinum and palladium reached their lowest levels since August 4.