(RTTNews) - The price of gold edged up Monday morning as the U.S. dollar was struggling recovery from a brutal stretch of recent losses.
Gold for December delivery, the most actively traded contract, was up $3.50 to $1,348.80 an ounce. Last week, gold surged to a fresh record intraday high of $1,366 before settling at $1,345 as traders bet that the Federal Reserve will move towards more quantitative easing to help economy recover.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, edged down to 1,288.24 tons from 1,288.54 tons.
Meanwhile, the greenback was recovering from its 8-month low versus the euro and was trading flat against sterling. The buck was lingering near its 15-year low versus the yen and around its record low versus the Swiss Franc.
Elsewhere, the price of silver was hovering near its 30-year high, while platinum ticked lower in morning deals.
With a light economic calendar, traders will look to the movements in currency markets to get clues.
