Jakarta - On Friday (13/8), the spot gold price may continue to move in the consolidation phase.

Commodity Observer Ariston Tjendra said some market players who think the Central Bank will not change its tightening policy soon view the decline in gold prices as an opportunity to buy at low levels.

"Gold prices weakened when the producer price index data and US jobless claims were released last night, but soon rebounded," he said in Jakarta.

Technically, today, the gold price has the opportunity to strengthen to US$1,770 per troy ounce as long as the support at US$1,740 per troy ounce persists. In comparison, a decline in the gold price to below US$1,740 per troy ounce may open the opportunity for a weakening to the range of US$1,720 per troy ounce.