(RTTNews) - The price of gold moved up Tuesday morning as traders fret over the euro zone sovereign debt issues. Gold for June delivery, the most actively traded contract, edged up $3.40 to $1,494.00 an ounce. Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,192.25 tons. Meanwhile, the U.S. dollar continued to level off from its one-month high versus the euro and extending losses against sterling amid UK inflation report. The buck was paring previous session's losses versus the Swiss franc and moved up to a 2-week high against the yen. UK annual inflation came in above expectations in April driven by transport costs. The Office for National Statistics (ONS) said the consumer price index increased 4.5 percent, after rising 4 percent in March. Economists were looking for a figure of 4.1 percent. Meanwhile, the ZEW indicator of Germany's economic sentiment dropped to 3.1 from 7.6 in April, the Centre for European Economic Research said. Economists were looking for a reading of 4.5. The latest score is below the indicator's historical average of 26.5. Elsewhere, the prices of silver and platinum were moving higher in morning deals. In economic news, the U.S. Commerce Department will release its report on housing starts and building permits for the month of April. Economists expect building permits to edge down to 565,000 from the previous month's 585,000 units, while expect housing starts to come in at 580,000, up from 549,000 reported last month. by RTT Staff Writer For comments and feedback: editorial@rttnews.com Sponsored Link: Why did a Florida multimillionaire just place a $10,000 bet on YOU? Full details here...

Source