Gold Falls for First Time in a Week on U.S. Retail Sales

Gold fell for the first time in a week as signs of gains in the U.S. economy boosted speculation that the Federal Reserve will scale back monetary stimulus, while the dollar’s rally eroded the appeal of the metal.

U.S. retail sales in July rose for the fourth straight month, consecutive month, government data showed today, and the greenback climbed to a one-week high against a basket of 10 currencies. Fed Reserve Bank of Atlanta President Dennis Lockhart indicated that policy makers may start to slow bond purchases as soon as next month.