Gold Edges Up Amid Steady Dollar

The prices of gold is higher Friday after ending flat yesterday. Gold rose on news that inflation in Europe increased higher than expected at the highest rate it has seen for nearly three years.

Gold Edges Up Amid Steady Dollar
RTT News

(RTTNews) - The price of gold was ticking higher Friday morning even as the U.S. dollar was trading firm versus a basket of currencies.

Gold for December delivery, the most actively traded contract, gained $8.50 to $1,625.80 an ounce. Yesterday, gold ended flat amid the release of some encouraging U.S. economic news and progress toward a solution to Europe's sovereign debt crisis. While jobless claims fell much more than expected last week, the U.S. economy grew more than initially reported in the second quarter.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved down to 1,231.93 tons from 1,241.92 tons.

Meanwhile, the U.S. dollar was hovering near its 8-month high versus the euro and 9-month high against sterling. The buck was trading flat versus the Swiss franc and the yen.

In economic news from the euro zone, annual inflation increased unexpectedly in September, flash estimate from Eurostat showed. Annual inflation rose to 3 percent from 2.5 percent in August. Economists were expecting the annual rate to remain unchanged at 2.5 percent.

A separate report from Eurostat revealed that unemployment rate in the region held steady at 10 percent in August, for a third successive month.

Meanwhile, retail sales in Germany declined more than expected by economists in August, data from the Federal Statistical Office showed. Sales fell 2.9 percent month-on-month in August, following a 0.3 percent rise in July and 4 percent increase in June. Economists expected a 0.5 percent slump in sales from July.

Elsewhere, the prices of silver and platinum were ticking higher in morning deals.

In economic news from the U.S., the Commerce Department will release its report on personal income & outlays for August at 8:30 a.m. ET . Economists expect personal income to rise 0.1 percent and personal spending to increase 0.2 percent.

Later during the session, the results of the Institute of Supply Management-Chicago's business survey for September are due out. Economists expect the business barometer index based on the survey to ease to 55.4.

by RTT Staff Writer

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