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CHICAGO， Oct. 14 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Friday on stronger U.S. inflation data.
The most active gold contract for December delivery fell 2.1 U.S. dollars， or 0.17 percent， to settle at 1，255.5 dollars per ounce.
Gold was put under pressure as the U.S. Department of Labor released its producer price index (PPI) report on Friday showing the PPI increasing by 0.3 percent during the month of September， which is a 0.7 percent increase above the same period the previous year.
Analysts note that the PPI report in combination with strong jobless claims over the past couple of weeks could continue to encourage the doves at the U.S. Federal Reserve who are looking to hike rates before the end of 2016.
Some believe the Fed may raise rates from 0.50 to 0.75 during the December FOMC meeting. According to the CME Group' s Fedwatch tool， the current implied probability of a hike from 0.50 to 0.75 is at 9 percent for the November 2016 meeting， and 70 percent at the December meeting.
A report released by the U.S. Department of Commerce showed retail sales increasing by 0.6 percent during the month of September which was within expectations. Analysts note that auto sales were exceptionally strong and that this report is likely to give a boost to the gross domestic product report， giving the Fed' s doves additional reason to further their agenda.
Traders are also waiting for U.S. Federal Reserve Chairwoman Janet Yellen to speak after the market' s close， along with several Fed speeches and economic reports due next week.
Silver for December delivery dropped 1.7 cents， or 0.10 percent， to close at 17.441 dollars per ounce. Platinum for 2017 January delivery rose 6.6 dollars， or 0.71 percent， to close at 939.5 dollars per ounce.
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