The price of gold was paring recent gains Tuesday morning on profit taking after an impressive run last week with the Federal Reserve announcing new quantitative easing measures
Gold for December delivery, the most actively traded contract, lost $11.80 to $1,758.80 an ounce. Yesterday, gold ended marginally lower as the U.S. dollar traded higher against a basket of major currencies and the euro.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,301.48 tons.
Meanwhile, the U.S. dollar was leveling off from its four-month low versus the euro and sterling. The buck was moving lower against the yen and the Swiss franc.
In economic news, Germany's economic sentiment improved in September after easing for four straight months, the Mannheim-based ZEW said. The ZEW Indicator of Economic Sentiment rose 7.3 points to -18.2. However, the negative reading indicates that the financial market experts expect the German economy to lose momentum over the next six months.
Meanwhile, a survey report from the Office for National Statistics (ONS) revealed that house price inflation in the U.K. eased more than expected in July. The ONS house price index rose 2 percent year-on-year in July, slower than 2.3 percent gain in June. This was also weaker than the 2.1 percent rise forecast by economists.
The prices of silver and platinum were moving lower in morning deals.
From the U.S, the National Association of Home Builders will release the results of its September survey on homebuilders' confidence at 10 a.m. ET. The consensus estimates call for the index to rise to 38 from 37 in August.
by RTT Staff Writer
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