RTTNews - Gold prices finished slightly lower as profit-takers collected on a recent rally to a six-week high. The metal still finished the week with a moderate gain.
August-stamped gold settled at $953.10 per ounce, down $1.70 on the session. Prices touched as low as $946.60.
Despite the decline, gold added $15.60 for the week. Gold reached as high as $957.50 on Wednesday, its best level since mid-June, before sliding back lower.
The greenback saw mild weakness against the euro, surrendering slight gains from late yesterday. The buck saw modest strength against the British pound after a government report showed that the U.K. economy contracted more than expected in the second quarter.
On the economic front, the Reuters and the University of Michigan released a report showing that consumer sentiment index for July came in at 66.0 compared to the preliminary reading of 64.6, although it remains below a reading of 70.8 for June. Economists had expected the index to be revised up to 65.0.
New home sales data for June is scheduled at 10 a.m. ET. Sales are expected to rise to 350,000, from 342,000 in May.
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