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Gold Steady Above $1,600

The price of gold was steady above $1,600 Tuesday morning amid speculation that central banks will announce stimulus measures following the recent batch of weak economic data.

Gold for August delivery, the most actively traded contract, gained $11.70 to $1,609.40 an ounce. Yesterday, gold ended lower as the cheer brought about by the EU deal faded with investors preferring the safe haven of the dollar and treasuries after some weak economic data from the U.S.

This morning, the U.S. was leveling off from its 10-day low versus the euro and sterling. The buck was steady around its one-month high against the yen, while trading flat versus the Swiss franc.

In economic news, euro zone producer prices fell 0.5 percent month-on-month in May, the latest figures released by Eurostat showed. The decline was slightly faster than the 0.3 percent drop predicted by economists. In April, the producer price index rose 0.1 percent. On an annual basis, the price index gained 2.3 percent compared to expectations for a 2.5 percent rise.

Elsewhere, the prices of silver and platinum were moving higher in morning deals.

From the U.S., the Commerce Department will release its report on factory goods orders for May at 10 am ET. Economists estimate a 0.1 percent increase in orders for factory goods following a 0.6 percent drop in the previous month.

by RTT Staff Writer

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