The price of gold was steady Friday morning as the euro was struggling to level off from its 2-year low versus the U.S. dollar.
Meanwhile, latest data from the International Monetary Fund revealed that several central banks were keen on rising their gold holdings. Turkey raised its reserves by 29.7 metric tonne and Ukraine, Mexico and Kazakhstan also increased their holdings,IMF data showed.
Gold for June delivery, the most actively traded contract, edged up $3.90 to $1,561.40 an ounce. Yesterday, gold snapped its three-session losing streak to end higher on some encouraging economic data from the U.S., higher commodity prices and reports that Europe will strive to keep Greece within the euro region.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved up to 1,270.26 tons from 1,268.15 tons.
This morning, the U.S. dollar was hovering around its two-year high versus the euro and around its two-month high against sterling. The buck was moving lower against the yen and the Swiss franc.
In economic news from the euro zone, confidence among German consumers is set to remain stable in June, as the country's vibrant labor market and export gains shielded the economy from the turbulent economic conditions in the rest of euro zone. The consumer confidence index for June was at 5.7, unchanged from the revised reading of May. The May score was revised from 5.6 reported previously.
Elsewhere, the prices of silver and platinum were moving higher in morning deals.
by RTT Staff Writer
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