16.09.201613:59:00UTC+00Gold Hits Lowest Since June

Gold futures fell Friday, extending weekly losses as inflation data raised the likelihood of a Federal Reserve rate hike.

Dec. gold fell $7.80, or 0.6%, to settle at $1,310.20/oz. Gold dropped 1.8% for the week, hitting its lowest since June.

Consumer prices in the U.S. increased by slightly more than expected in the month of August, according to a report released by the Labor Department on Friday.

The Labor Department said its consumer price index rose by 0.2 percent in August after coming in unchanged in July. Economists had expected prices to inch up by 0.1 percent.