The price of gold was ticking lower Tuesday morning as traders were anxious ahead of the key European Union summit scheduled later this week.
Gold for August delivery, the most actively traded contract eased $2.60 to $1,585.80 an ounce. Yesterday, gold ended marginally higher on investor support ahead of the European Union Summit meet later this week, notwithstanding a strengthening dollar that rose significantly against a basket of major currencies. Bargain hunting after the yellow metal shed about 4 percent in the previous week also helped gold prices.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,281.62 tons.
This morning, the U.S. was steady around its two-week high versus the euro and ticking lower against sterling. The buck continued to level off from its one-month high against the yen, while trading flat versus the Swiss franc.
In economic news from the euro zone, confidence among German consumers is likely to rise in July, a survey by market research group GfK showed today. The consumer confidence index for July rose to 5.8 from 5.7 in June. Economists expected the score to fall to 5.6 in July.
Elsewhere, the prices of silver and platinum were ticking lower in morning deals.
From the U.S., the S&P/Case-Shiller home price index is scheduled to be released at 9 a.m..ET Economists expect a seasonally adjusted 0.4 percent month-over-month increase in the 20-city composite house price index for April.
Later during the session, the Conference Board is scheduled to release its consumer confidence report for June at 10 am ET. The report is expected to show that the consumer confidence index declined to 63.5 in June from 64.9 in May.
by RTT Staff Writer
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