Gold Holds Above $1,500 Amid Weak Dollar

The price of gold has slightly dropped this Tuesday but the overall price of gold still remains over the $1,500 mark. Silver is also slightly down on the day while the dollar remains at the same 15-month low.

4/26/2011 7:29 AM ET
RTT NEWS

(RTTNews) - The price of gold was steady above $1,500 Tuesday morning amid a weak U.S. dollar.

Gold for June delivery, the most actively traded contract, eased $6.10 to $1,503.00 an ounce. Yesterday, gold edged up to settle at a fresh record peak aided by physical demand from Asia and a weak U.S. dollar.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,229.64 tons .

Meanwhile, the U.S. dollar continued to linger around its 15-month low versus the euro and sterling. The buck slipped to a record low versus the Swiss franc and trading weak against the yen.

Elsewhere, the price of silver retreated from a 31-year peak and platinum was ticking lower in morning deals.

In economic news, S&P/Case-Shiller Home Price Indices will be released by 9.00 a.m ET. Economists expect house prices declined 3.2 percent year-over-year in February following the 3.1 percent decline in the previous month.

Later during the session, the Conference Board will come out with its results of consumer confidence survey for April. Economists expect the reading to come in at 64.5, up from 63.4 recorded in the previous month.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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