(RTTNews) - The price of gold was trading flat Tuesday morning amid growing concerns about the euro zone debt situation. Meanwhile, tension escalated in Korean peninsula after North Korea fired artillery shells at a South Korean island earlier today.
Gold for December delivery, the most actively traded contract, inched up $0.50 to $1,358.30 an ounce. Yesterday, gold edged up as traders shrugged off Ireland's rescue after rating agency Moody's warned of a possible downgrade to the nation's credit rating.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved down to 1,285.08 tons from 1,289.34 tons.
Meanwhile, the U.S. dollar was holding on to its overnight gains versus the euro, despite a positive reading on the euro zone PMI. . The buck was relatively flat against sterling, while struggling for direction versus the yen.
Euro zone composite PMI rose to a three-month high of 55.4 in November from 53.8 in October, according to a flash report from Markit Economics. Economists had forecast a decline to 53.6.
Elsewhere, the prices of silver and platinum eased in morning deals.
Preliminary estimates on third quarter GDP and existing home sales data from the U.S. are due out later today. Economists expect GDP growth to be upwardly revised to 2.4% from an earlier estimate of 2.0% and estimate the existing home sales to come in at 4.42 million for the month.
