(RTTNews) - Gold prices have backed off of the $1,050 per barrel mark on Friday as the dollar saw a slight rebound versus the euro. With the drop, gold gave back some of yesterday's rally.

August gold fell to $1,043.80 per ounce, down $3.30 on the session. Prices hit as low as $1,041.20 after reaching as high as $1,049.20.

The dollar crossed $1.48 against the euro after moving toward a 14-month low on Thursday. The buck also edged higher versus the British pound.

In economic news, a Commerce Department report showed that personal spending fell by 0.5 percent in September following an upwardly revised 1.4 percent increase in August. The moderate pullback in personal spending came in line with the expectations of economists.

Additionally, the Commerce Department said that personal income decreased by less than 0.1 percent in September after edging up by a revised 0.1 percent in the previous month. Economists had expected income to be unchanged.

Chicago PMI data is due at 9:45 a.m. ET. A reading of 48.9 is expected for October, compared to 46.1 for September.

The Reuters/University of Michigan consumer sentiment index for October is due at 9:55 a.m, ET. A reading of 70.0 is forecast, compared to 69.4 in September.

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