The price of gold was moving higher Friday morning as the US dollar was paring recent gains.
Gold for June delivery, the most actively traded contract, gained $10.40 to $1,665.30 an ounce. Yesterday, gold ended lower for a third straight session amid a strong dollar and some soft U.S. gross domestic product data.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,286.62 tons.
This morning, the U.S. dollar was lingering near its weekly low against the euro, while slipping back to a 5-month low versus sterling. The buck was trading flat against the Swiss franc and the yen.
In economic news, euro zone inflation slowed less than expected in March, flash estimate published by Eurostat showed. Annual inflation fell to 2.6 percent in March from 2.7 percent in February. Economists were expecting the rate to ease to 2.5 percent. Inflation continues to stay above the European Central Bank's 'below, but close to 2 percent' target.
Meanwhile, Germany's retail trade turnover declined unexpectedly in February, data released by the Federal Statistical Office showed. Retail sales fell 1.1 percent month-on-month in real terms in February, following a 1.2 percent drop in January. Economists expected 1.2 percent increase in sales for February.
Elsewhere, the prices of silver and platinum were moving higher in morning deals.
From the U.S., the Commerce Department will release its personal income & outlays report for February. Economists expect the report, which is due out at 8:30 a.m. ET, to show that personal income rose 0.4 percent and personal spending increased by 0.6 percent. In January, personal consumption rose by a mere 0.2 percent month-over-month.
by RTT Staff Writer
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