The price of gold was extending gains Friday morning as a steady euro prompted some buying of the precious metal.
Gold for June delivery, the most actively traded contract, gained $14.90 to $1,589.80 an ounce. Yesterday, gold snapped a four-day losing streak to rebound from a 10-month low on bargain buying. With fresh election in Greece set for June 17, investors found some space to mull over options with reduced near-term uncertainties.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved up to 1,278.71 tons from 1,276.60 tons.
This morning, the U.S. dollar was steady near its 4-month high versus the euro and near its two-month high against sterling. The buck was lingering near its 3-month low against the yen, while trading weak versus the Swiss franc
In economic news from the euro zone, Germany's producer price inflation slowed to the lowest level in twenty-two months in April, data released by the Federal Statistical Office showed. The output price inflation eased to 2.4 percent in April from 3.3 percent in March, while economists expected inflation to slow to 2.5 percent. The growth rate for April was the smallest since June 2010, when output prices increased 1.7 percent.
Elsewhere, the prices of silver and platinum were moving higher in morning deals.
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