RTTN: Gold Edges Up Near $1,240 Ahead Of Inflation Data
(RTTNews) - The price of gold moved up Thursday morning ahead of U.S consumer price inflation data and amid recovering euro.
Gold for August delivery, the most actively traded contract, was up $6.40 to $1,236.90 an ounce.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at a fresh all-time high of 1,306.14 tons. Demand for gold ETFs were also on the rise in India, one of the largest consumer of the yellow metal. Assets Under Management of gold ETFs in India rose to around $103 million in March 2010 from around $64 million in September 2009, according to datasourced from the Securities and Exchange Board of India (SEBI)
Meanwhile, the U.S. dollar eased back near its 3-week low versus the euro and was trading weak against the British pound. The greenback was almost flat versus the yen.
Elsewhere, the prices of silver and platinum were ticking higher in morning deals.
Traders will look to data on U.S consumer price inflation and weekly jobless claims from the Labor Department, scheduled for release later in the day. Also, the Conference Board will release a report on leading index for May.
