Gold price declined on profit taking and on a stronger U.S. dollar. The U.S. dollar rose against other currencies on the U.S. retail sales data. The U.S. Commerce Department released the retail sales data on Friday. The U.S. retail sales increased 0.2% in January, exceeding expectations for a 0.1% rise, after a 0.2% gain in December. December's figure was revised up from a 0.1% decrease.
The increase was mainly driven by a rise in sales at auto dealerships, sales at clothing retailers and sales at building material and garden equipment stores.
Retail sales excluding automobiles rose 0.1% in January, exceeding expectations for a flat reading, after a 0.1% rise in December.
March futures for gold on the COMEX today fell to 1234.70 dollars per ounce.