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On Friday, gold prices plunged, following a number of upbeat U.S. economic reports recommended that economic development recovered speed in the 2nd quarter.

Delivery of gold for August on  the Comex division of the NYMEX shed $4.80, or 0.36 percent, to settle at $1,327.40 a troy ounce by close of trade.

Prices of the yellow metal rotated a bit higher in post settlement trade following news broke of an apparent military coup in Turkey.

However, the coup attempt beaten as President Recep Tayyip Erdogan hurried back to Istanbul from a Mediterranean holiday and advised people to take to the streets in support of his government against conspirators he accused of trying to kill him.

Earlier, gold drop to the lowest levels of the session after statistics presented that U.S. retails sales upsurge over than anticipated in June, as Americans purchase motor vehicles and a variety of other goods, bolstering views that economic development picked up in the 2nd quarter.

On Friday,  anticipations were further reinforced by other statistics, presenting that industrial production noted its biggest increase in eleven months in June, driven by an increase in motor vehicle assembly. With domestic demand reinforcement, inflation is also steadily increasing.

The bullish statistics could permit the Fed to increase interest rates later this year, however, much will rest on on policymakers’ assessment of the influence on the U.S. economy of Britain’s June 23 vote to exit the EU.

Interest rate futures are now pricing in a 43 percent chance of a rate hike by December. Gold is sensitive to change in U.S. rates. A slow path to peak rates is perceived as less of a risk to gold prices than a swift series of increased.

During the week, gold futures fell $45.20, or 2.22 percent, the 1st weekly loss in seven weeks, as doubt about the effects of Britain’s Brexit vote reduced with the development of a new government.

Prices increase to over two-year peak of $1,377.50 earlier this month, as worries surrounding worldwide development in wake of Britain’s vote to exit the EU sent investors flooding into safe haven assets.

So far this year, gold is up approximately 25 percent, drawing support from fading anticipations of a Fed rate hike and as expectations increased that central banks around the globe will increase monetary stimulus to offset the negative economic surprise from the Brexit poll.

Also on the Comex, delivery of silver futures for September shed 15.7 cents, or 0.77 percent, on Friday to settle at $20.16 a troy ounce. During  the week, silver futures add on on 24.5 cents, or 0.33 percent, the seventh consecutive weekly gain.

Somewhere else in metals trading, delivery of copper for September plunged 0.9 cents, or 0.42 percent, on Friday to end at $2.233 a pound. For the week, New York-traded copper prices increased 9.1 cents, or 5.29 percent, amid optimism stimulus will be released in some of the world’s top economies.

China’s economy developed 6.7 percent in the 2nd quarter from a year-ago, unmoved from the 1st quarter, data presented on Friday. Analysts had anticipated it to slip to 6.6 percent.

Also in China,  fixed asset investment increased  9.0 percent, lower than the 9.4 percent YoY increase seen in June, whereas industrial output gained 6.2 percent, better than 5.9 percent perceived in the same period and retail sales increase 10/6%, a bit better than 10.0 percent realized.

The Asian nation is the world’s biggest copper consumer, accounting for approximately 45 percent of world consumption.

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