Weak finish to August for bullions

Gold rises 0.4% for the month though

Gold futures on Friday, 29 August 2014 retreated from their highest settlement price in a week, slipping ahead of the holiday weekend as investors await another batch of U.S. economic data.

Gold for December delivery was down $4.40, or 0.3%, to $1,286.00 an ounce. Bullion rose 0.4% in August, and gained 0.6% on the week.

September silver lost 9 cents, or 0.5%, to $19.44 an ounce.

On Friday, however, gold was under pressure alongside the euro and declining inflation in the euro zone in August.

Economic data at Wall Street included personal income/spending data, Chicago PMI, and the Michigan Sentiment survey. Personal income increased 0.2% in July following an upwardly revised 0.5% (from 0.4%) gain in June, while the consensus expected an increase of 0.3%. The increase in July income was in-line with the reported 0.2% increase in aggregate earnings from the previously released employment data.

Personal spending fell 0.1% in July after increasing 0.4% in June, while the consensus expected an increase of 0.1%. The Chicago PMI for August rose to 55.6 from 52.6, while the consensus expected an increase to 54.8. The University of Michigan Consumer Sentiment report for August was revised up to 82.5 from 79.2 in the final reading, while the consensus expected a revision to 80.0.

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