RTTN: Gold Moves Up Near $1,225 Amid Safe Haven Buying
(RTTNews) - The price of gold moved up Monday morning amid safe haven buying after Japan said its economy grew at a slower pace in second quarter.
Gold for December delivery, the most actively traded contract, gained $7.80 to $1,224.40 an ounce. Last week, gold rose over 1% after a slew of economic data pointed to a gloomy outlook.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,286.70 tons.
The U.S. dollar was leveling off from its 3-week high versus the euro. The buck was lingering around its 1995 low versus the yen.
Meanwhile, Japan said its second quarter GDP grew at an annualized 0.4%, belying consensus estimates for a 2.3% growth.
Elsewhere, the prices of silver and platinum ticked higher in morning deals.
Traders will look to the results of New York Empire State Manufacturing survey and NAHB Housing Market Index to get further clues on the strength of the economy.
