The price of gold was moving higher Wednesday morning as the US dollar was ticking lower ahead of a key housing report.
Gold for April delivery, the most actively traded contract, added $6.50 to $1,653.50 an ounce. Yesterday, gold shed $20 to settle at a weekly-low mostly on demand concerns with indications of slowdown in Chinese economic growth, while the dollar held steady against a basket of major currencies
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved down to 1,290.25 tons from 1,293.27 tons.
This morning, the U.S. dollar slipped back to a 2-week low versus the euro and trading flat against sterling. The buck was steady near its 1-year peak versus the yen and edging down against the Swiss franc.
In economic news, the Bank of England retained its quantitative easing unchanged at GBP 325 billion through a split vote as two members preferred a GBP 25 billion increase in the programme, the minutes of the meeting showed. All members voted to retain a record low 0.5 percent interest rate. The meeting was held on March 7 and 8.
The price of silver moved higher, while platinum was ticking lower in morning deals.
From the U.S., the National Association of Realtors will release its report on existing home sales for February at 10 a.m. ET. Economists estimate existing home sales of 4.61 million for the month compared to a 4.3 percent increase in the previous month to a seasonally adjusted annual rate of 4.57 million units in January.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.