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Gold Flat After Recent Gains

4/11/2012 7:22 AM ET

The price of gold was little changed Wednesday morning as the US dollar was leveling off from its recent highs.

Gold for June delivery, the most actively traded contract, was flat at $1,660.70 an ounce. Yesterday, gold ended higher for a third session as investors continued to seek a safe haven in the precious metal amid weakness in U.S. and global equity markets. Also, renewed concerns over the euro zone debt problems with yields soaring in bond auctions in Italy and Spain helped gold prices.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, edged down to 1,286.17 tons from 1,286.62 tons.

This morning, the U.S. dollar was leveling off from its 3-week high versus the euro, sterling and the Swiss franc, while paring recent losses versus the yen.

In economic news from the euro zone, Germany's wholesale price inflation slowed for the second consecutive month in March, data released by the Federal Statistical Office showed. The wholesale price index increased 2.2 percent on an annual basis in March, slower than the 2.6 percent growth seen in February. In January and December, the index rose 3 percent each.

Elsewhere, the price of silver was ticking lower, while platinum was moving higher in morning deals.

From the U.S., the export & import price indexes for February are due out at 8:30 a.m. ET. The consensus estimates call for a 1 percent month-over-month increase in import prices and a 0.3 percent increase in export prices.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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