(RTTNews) - The price of gold was lingering below $1,520 Friday morning amid a mixed U.S. dollar.
Gold for August delivery, the most actively traded contract, edged down $2.70 to $1,517.80 an ounce. Yesterday, gold snapped its seven-session winning streak to shed over 2 percent as the dollar strengthened and the mood turned pessimistic in reaction to the Federal Reserve's downbeat assessment of the U.S. economy.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,209.14 tons.
Meanwhile, the U.S. dollar was extending gains for a third session versus the euro and sterling, while moving lower against the Swiss franc and the yen.
In economic news, German business sentiment increased unexpectedly in June, according to a monthly survey from the Ifo institute. The Ifo business climate index rose to 114.5 in June from 114.2 in May. Economists were expecting the reading to fall to 113.4.
Elsewhere, the price of silver ticked lower, while platinum moved higher in morning deals.
In economic news from the U.S., the Commerce Department will come out with its durable goods orders report at 8:30 a.m. ET. Economists expect a 1 percent rebound in durable goods orders for May following a 3.6 percent month-over-month drop in March.
Simultaneously, the Bureau of Economic Analysis is due to release its final estimate of first quarter GDP. Economists expect GDP growth for the quarter to be upwardly revised to 1.9 percent.
