RTTN: Gold Hovers Above $1,200 Amid Dim Economic Outlook
(RTTNews) - The price of gold moved up above $1,200 Thursday morning as safe-haven buying resurfaced amid worries over global economic outlook.
Gold for December delivery, the most actively traded contract, added $8.80 to $1,208.00 an ounce. Yesterday, gold recovered from an intraday low of $1,194 to close marginally higher amid gloomy economic outlook.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, edged up to 1,285.79 tons from 1,282.75 tons.
Meanwhile, the U.S. dollar moved back near its 3-week high versus the euro and continued to retreat from its 6-month low against the British pound. The buck was lingering around its 1995-lows versus the yen.
Elsewhere, the price of silver edged up and platinum ticked lower in morning deals.
Traders will look to weekly jobless claims numbers from the U.S. Labor Department to get clues on the strength in the recovery of the economy. Economists expect the initial jobless claims to ease to 465,000 this week from the earlier 479,000.
