The price of gold was ticking lower Wednesday morning as the euro was struggling to sustain gains after weak trade data out of Germany.
Gold for December delivery, the most actively traded contract, eased $2.40 to $1,610.40 an ounce.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,254.94 tons.
Meanwhile, the U.S. dollar was ticking higher versus the euro, while trading lower against sterling. The buck was little changed versus the yen and the Swiss franc.
In economic news from the euro zone, the Bank of England lowered growth estimate for the U.K. as fiscal consolidation and euro zone debt crisis weigh on demand. In its quarterly Inflation Report, the BoE said economic growth is likely to be around 2 percent in two years, down from the 2.6 percent expansion estimated in May.
Meanwhile, German trade surplus unexpectedly increased in June as imports declined at a pace double than that of exports, indicating that the sovereign debt crisis and the economic slowdown has dampened both domestic and foreign demand. Exports fell 1.5 percent month-on-month on a calendar-and-seasonally adjusted basis, the Federal Statistical Office showed Wednesday. This was faster than economists' forecast for a 1.3 percent drop.
The prices of silver and platinum were moving lower in morning deals.
by RTT Staff Writer
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