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Gold Retreats From 3-month High

2/27/2012 7:05 AM ET

The price of gold was leveling off from its 3-month high Monday morning as the U.S. dollar halted its southward journey versus a basket of currencies and global equities moved lower amid a surge in oil prices.

Gold for April delivery, the most actively traded contract, lost $9.20 to $1,767.20 an ounce. Last week, gold advanced to a fresh 3-month high as investors sought the precious metal as a safe haven amid euro zone concerns and some weak economic data from China.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved up to 1,284.61 tons from 1,282.80 tons.

This morning, the U.S. dollar was leveling off from its 2-month low versus the euro and ticking higher against sterling. The buck was recovering from its 3-month low against the Swiss franc, while hovering near its 7-month high versus the yen.

In economic news, euro zone's broad monetary aggregate M3 grew 2.5 percent year-on-year in January, data published by the European Central Bank showed. The increase exceeded December's 1.5 percent rise and 1.8 percent rise forecast by economists.

The prices of silver and platinum were moving lower in morning deals.

From the U.S., the National Association of Realtors will release its pending home sales index for January at 10 a.m. ET. Economists estimate a 1.5 percent increase in the index.

by RTT Staff Writer

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