Gold backs off seven-week high on profit-taking

Gold prices fell on Friday ahead of the weekend away from a seven-week high, as traders close off their positions to take profits as the dollar recovers against main currencies following upbeat U.S. data.
 
Gold last traded at $1,190.7 an ounce, down from the opening of $1,196.1, with an intraday low at $1,187.5, and a seven-week high at $1,200.6.
 
Gold's drop today comes after getting rebuffed by the psychological level of $1,200, triggering profit-taking operations on the precious metal.
 
On the other hand, the dollar pared its losses after earlier U.S. data that showed a bump in retail sales in December, buoying the greenback away from a five-week trough.
 
Gold has recovered considerably this week as the dollar fell while commodity demand rose, and following U.S. President-elect Donald Trump's press conference, which disappointed the markets and hurt the dollar, in turn underpinning safe havens like gold.