Gold Slips Near $1,700 Amid Steady Dollar
The price of gold was moving down near $1,700 Monday morning amid a steady U.S. dollar.
Gold for December delivery, the most actively traded contract, lost $19.80 to $1,705.30 an ounce. Last week, gold lost over 3 percent as European sovereign debt problems continued to overhang the markets.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved up from 1,289.46 tons to 1,293.09 tons, levels not seen since mid-August.
Meanwhile, the U.S. dollar was extending gains versus the euro, sterling and the Swiss franc, while ticking higher against the yen.
In economic news from the euro zone, current account balance turned to a surplus in September, data from the European Central Bank showed. On a seasonally adjusted basis, the current account balance showed a surplus of EUR 465 million in September compared to shortfalls of EUR 2.21 billion last year and EUR 5.9 billion in the previous month.
Elsewhere, the prices of silver and platinum were moving lower in morning deals.
From the U.S., the National Association of Realtors will release its existing home sales data at 10.00 a.m ET Economists estimate existing home sales of 4.80 million for the month after declining to 4.91 million units in September.
by RTT Staff Writer
Gold for December delivery, the most actively traded contract, lost $19.80 to $1,705.30 an ounce. Last week, gold lost over 3 percent as European sovereign debt problems continued to overhang the markets.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved up from 1,289.46 tons to 1,293.09 tons, levels not seen since mid-August.
Meanwhile, the U.S. dollar was extending gains versus the euro, sterling and the Swiss franc, while ticking higher against the yen.
In economic news from the euro zone, current account balance turned to a surplus in September, data from the European Central Bank showed. On a seasonally adjusted basis, the current account balance showed a surplus of EUR 465 million in September compared to shortfalls of EUR 2.21 billion last year and EUR 5.9 billion in the previous month.
Elsewhere, the prices of silver and platinum were moving lower in morning deals.
From the U.S., the National Association of Realtors will release its existing home sales data at 10.00 a.m ET Economists estimate existing home sales of 4.80 million for the month after declining to 4.91 million units in September.
by RTT Staff Writer
