(RTTNews) - The price of gold eased from its 7-week high Tuesday morning as traders await this week's data from the U.S., including housing industry figures.
Gold for December delivery, the most actively traded contract, moved down $7.90 to $1,220.60 an ounce. Yesterday, gold oscillated between $1,234 and $1,223 only to end flat amid a firm dollar.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,299.47 tons.
Meanwhile, the U.S. dollar advanced to its highest level in a month against the euro and sterling, while slipping to a fresh 15-year low versus the yen. The British pound was under pressure following comments from Bank of England policymaker Martin Weale that Britain faces the risk of sliding into recession.
Elsewhere, the prices of silver and platinum ticked lower in morning deals.
Traders will look to data on existing home sales from the U.S., due out later today, to get clues on the strength in the recovery of the economy.
The yellow metal could advance further if data on existing-home sales today, new-residential sales Wednesday and a second-quarter U.S. GDP revision Friday came in weaker than forecast, said analysts.
