The price of gold was moving lower Thursday morning as the U.S. dollar was steady ahead of the two-day EU summit and weekly jobless claims data.
Gold for August delivery, the most actively traded contract, shed $8.30 to $1,570.10 an ounce. Yesterday, gold ended marginally higher as investors weighed the outcome of the key European Union summit meeting due to start Thursday.
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. advanced near its one-month high versus the euro and moved up to a 2-week high against sterling. The buck was leveling off from its one-month high against the yen, while ticking higher versus the Swiss franc.
In economic news from the euro zone, unemployment in Germany increased more than expected in June, reports said citing data from the labor ministry. Unemployment rose by 7,000 in June from a month earlier compared to expectations for an increase of 3,000. The unemployment rate rose to 6.8 percent from 6.7 percent in May, while expectations were for a steady rate.
Meanwhile, euro zone economic confidence declined less than economists expected in June, survey results from European Commission showed. The economic confidence index fell to 89.9 in June from 90.5, but remains above the consensus forecast of 89.6. Falling confidence in industry, services and, to a lesser extent, among consumers was counterbalanced by improving confidence in retail trade and construction.
Elsewhere, the prices of silver and platinum were moving lower in morning deals.
From the U.S., the Commerce Department is due to release its final estimate of first quarter GDP at 8:30 am ET. Economists expect GDP growth to be left unrevised at 1.9 percent.
The Labor Department will release its customary jobless claims report for the week ended June 23 at 8:30 am ET. Economists expect claims to edge down to 385,000 in the recent reporting week from 387,000 in the previous week.
by RTT Staff Writer
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