RTTNews - Gold prices fell on Friday as the dollar rebounded versus other majors, reducing the need to invest in the precious metal as a hedge outlet. The metal lost a little more than 1% for the week.

December gold rose to $948.70 an ounce, down $7.70 on the session. Gold reached as high as $961.40 and later hit as low as $949.40.

The greenback saw strength against the euro as weaker global stocks reduced risk appeal. The buck posted slight gains against the pound.

A Reuters and the University of Michigan report showed that the consumer sentiment index fell to a reading of 63.2 in August from a reading of 66.0 in July. The decrease surprised economists, who had been expecting the index to increase to 69.0.

Earlier, the Labor Department said its consumer price index was unchanged in July after increasing by an unrevised 0.7 percent in June. The lack of growth in consumer prices came in line with the expectations of economists.

Meanwhile, the Federal Reserve released a report that showed that industrial production increased by 0.5 percent in July after falling by 0.4 percent in June. Economists had been expecting a slightly more modest increase in industrial production of about 0.4 percent.

Meanwhile, the Federal Reserve released a report that showed that industrial production increased by 0.5 percent in July after falling by 0.4 percent in June. Economists had been expecting a slightly more modest increase in industrial production of about 0.4 percent.

On Monday, Empire Manufacturing data is expected at 8:30 a.m. ET. A reading of 2.2 is expected for August, compared to a minus 0.55 in the month of July.

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