(RTTNews) - The price of gold was trading firm Thursday morning amid a weak dollar ahead of weekly jobless claims data.
Gold for December delivery, the most actively traded contract, was up $3.60 to $1,244.90 an ounce. Yesterday, gold advanced to an 8-week high after the U.S. reported that new home sales plunged by 12% and durable goods order edged up by a meager 0.3% in July raising concerns over the economic outlook.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,297.95 tons.
Meanwhile, the U.S. dollar continued to level off from its highest level in a month against the euro and trading weak versus sterling. The buck was lingering around its lowest level since 1995 versus the yen.
The euro edged up after the German GfK Consumer Confidence index advanced to 4.1 in September from a revised 4.0 points in August. Economists were expecting the index to rise to 4.0 from the previous 3.9 that was reported a month earlier.
Elsewhere, the prices of silver and platinum ticked higher in morning deals.
Traders will look to the weekly jobless claims numbers from the U.S. Labor Department, due out later today, to get more guidance on the strength of the economy.
