CHICAGO, Aug. 15 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Tuesday on better than expected economic data.

The most active gold contract for December delivery fell 8.80 U.S. dollars, or 0.45 percent, to close at 1,935.20 dollars per ounce.

The U.S. Commerce Department reported Tuesday that seasonally adjusted U.S. retail sales grew 0.7 percent in July from June, a faster pace than June's upwardly revised 0.3-percent gain and above economists' expectations of a 0.4-percent rise.

Better than expected data dampened gold.

Other economic data released Tuesday are mixed. The U.S. Labor Department reported that the U.S. import price index rose 0.4 percent in July, the biggest gain since May 2022. Economists were expecting a 0.2-percent gain.

The New York Empire State Manufacturing Index sank to negative 19 in August from 1.1 in July, well below market forecasts of negative one, and pointing to the first decline in manufacturing activity in New York State in three months.

During a discussion Tuesday at the APi Group's Global Controllers Conference, Minneapolis Federal Reserve President Neel Kashkari said he is not ready to declare victory in the battle over high inflation.

Inflation is still high, "the question on my mind is, have we done enough to actually get inflation all the way back down to our 2-percent target. Or do we have to do more," he said.

Kashkari said he personally thinks there may be more tightening.

The Federal Open Markets Committee July meeting minutes will be released on Wednesday.

Silver for September delivery fell 5.20 cents, or 0.23 percent, to close at 22.656 dollars per ounce. Platinum for October delivery fell 14.60 dollars, or 1.61 percent, to close at 892.20 dollars per ounce.