The price of gold was ticking lower Tuesday morning amid a generally weak dollar and on lack of cues from both sides of the Atlantic.
Gold for August delivery, the most actively traded contract, eased $5.00 to $1,591.80 an ounce. Yesterday, gold settled higher for a second straight session after reports of a bailout plan for Spanish banks. Nevertheless, investors appeared unsettled on euro zone contagion fears as the bailout plans for Spain did not provide enough clarity
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,274.79 tons.
This morning, the U.S. dollar was leveling off from its two-year high versus the euro and trading flat against sterling. The buck was moving lower versus the Swiss franc, while ticking higher against the yen.
From the euro zone, U.K. manufacturing output dipped 0.7 percent month-on-month in April, reversing March's 0.9 percent rise, the Office for National Statistics said. The decline far exceeded economists' forecast of 0.1 percent fall. At the same time, industrial production remained flat on month versus a 0.3 percent fall in the prior month. Economists were forecasting a 0.1 percent rise for April.
Elsewhere, the prices of silver and platinum were ticking lower in morning deals.
by RTT Staff Writer
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