MTECHTIPS;-Gold extends retreat from 11-month highs ahead of more

MTECHTIPS;-Gold extends retreat from 11-month highs ahead of more U.S. data

MTECHTIPS-Gold prices retreated further from their highest level in 11 months on Thursday, as market players looked ahead to a key batch of U.S. economic data to gauge the strength of the world’s largest economy and how it will impact the Federal Reserve’s view on monetary policy. The U.S. is to release reports on personal income and consumer spending for July, which include the personal consumption expenditures inflation data, the Fed’s preferred metric for inflation, at 8:30 AM ET (1230 GMT). There are also weekly jobless claims at 8:30 AM ET, followed by the Chicago PMI at 9:45 AM ET (1345 GMT) and pending home sales at 10 AM ET (1400 GMT). Comex gold futures shed $4.70, or around 0.4%, to $1,309.51 a troy ounce by 3:05 AM ET (0705 GMT), pulling back from its highest since November 9 at $1,331.90 touched on Tuesday. Gold ended lower on Wednesday as upbeat U.S. economic data and a stronger dollar prompted prices to snap a three-session streak of gains. The Commerce Department said its second estimate of U.S. gross domestic product showed that it increased at a 3.0% annual rate in the second quarter, its quickest pace in more than two years

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