The price of gold was moving lower Tuesday morning as the euro shed recent gains amid anxiety over the developments in the euro zone.
Gold for June delivery, the most actively traded contract, lost $12.40 to $1,576.30 an ounce.
This morning, the U.S. dollar was paring its recent losses versus the euro to move back near its 4-month high and trading around its two-month high against sterling. The buck was moving higher against the yen and the Swiss franc.
In economic news from the euro zone, U.K. annual inflation slowed more than expected in April to hit the lowest since February 2010, data from the Office for National Statistics showed. Consumer price inflation fell to 3 percent from 3.5 percent in March. The figure was slightly below the expected rate of 3.1 percent. Nonetheless, inflation continues to stay above the 2 percent target.
Elsewhere, the prices of silver and platinum were moving lower in morning deals.
From the U.S., the National Association of Realtors will release its report on existing home sales for April at 10 a.m ET. Economists estimate existing home sales of 4.66 million for the month after sales fell 2.6 percent month-over-month to an annualized rate of 4.48 million units in March.
by RTT Staff Writer
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