Gold traded choppily on Aug. 14-15, slipping from a two-month high before recovering above $4,380 an ounce, as softer U.S. inflation and retail-sales data reduced expectations for a near-term Federal Reserve rate hike. Spot gold was down 0.6% at $4,324.39 an ounce by 0538 GMT on Aug. 14, while U.S. December gold futures fell nearly 1% to $4,379.20 after bullion hit its highest level since June 5. Markets later priced roughly a one-in-three chance of a 25-basis-point September hike, with CME FedWatch showing 30.6% odds of a hike and 69.4% odds of no change, down from about 55% odds of a hike last week. Geopolitical risks linked to Iran and continued central-bank buying, including China adding about 20 tonnes to reserves in July for a 21st straight month, helped underpin prices and support a second consecutive weekly gain.