RTTN: Gold Slips Below $1,180 As Risk Appetite Improves
(RTTNews) - The price of gold eased back below $1,180 Monday morning amid recovering stock markets. Most Asian markets ended higher and European stocks were positive.
On Wall Street, the Dow Futures were up more than 100 points.
Gold for October delivery, the most actively traded contract, was down $3.80 to $1,178.60 an ounce.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,282.28 tons. SPDR's holdings advanced to a record high of 1,320.44 tons on June 30.
Meanwhile, the U.S. dollar continued to linger near its 3-month low versus the euro and hit a fresh 6-month low against the British pound. The buck was ticking higher versus the yen.
Elsewhere, the prices of silver and platinum ticked higher in morning deals.
Traders will look to the data on Construction Spending for June and ISM Manufacturing for July from the U.S., due out later today, to get clues on the strength in the recovery of the economy.
Friday, gold recovered $13 after data revealed that U.S. economy expanded more slowly than forecast.
The U.S. Commerce Department said gross domestic product increased at an annual rate of 2.4% in the second quarter, belying economists' expectations for an increase by 2.5%.
