The price of gold edged down Tuesday morning amid an improving U.S. dollar.
Gold for December delivery, the most actively traded contract, was down $2.60 to $1,248.50 an ounce. Last week, gold was mostly steady around $1,250 an ounce amid a mixed batch of economic data.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, edged down to 1,294.44 tons from 1,294.91 tons.
Meanwhile, the U.S. dollar was bouncing back from its 2-week low versus the euro and continued to gain against sterling for a second day. The euro weakened after an industry group said that Germany's 10 largest banks, including Deutsche Bank AG, may have to raise as much as $134 billion in order to meet the new capital regulations. The buck continued to linger near its 15-year low against the yen.
Elsewhere, the prices of silver and platinum ticked lower in morning deals.
With a light economic calendar, traders will look to the movements in equities and currency markets to get clues.
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