The price of gold was snapping its two-session winning streak Thursday morning as the U.S. dollar was trading firm ahead of weekly jobless claims data.
Gold for August delivery, the most actively traded contract, slipped $17.80 to $1,616.40 an ounce. Yesterday, gold closed at a one-month high on a weak dollar, some soft U.S. productivity data and anticipation of euro zone doing more to stem the financial mess in the region
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, edged up to 1,274.79 tons from 1,273.88 tons.
This morning, the U.S. dollar was hovering around its two-year high versus the euro and around its five-month high against sterling. The buck continued to recover from its 4-month low versus the yen, while trading flat against the Swiss franc.
In economic news, the Bank of England maintained its record low 0.50 percent interest rate, as widely expected.
The prices of silver and platinum were moving lower in morning deals.
From the U.S., the Labor Department will release its weekly jobless claims data at 8.30 a.m ET. Economists expect claims to decline to 366,000 from the 383,000 reported the previous week.
by RTT Staff Writer
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