RTTN:Gold Slips Near $1,580 Ahead Of Inflation Data
(RTTNews) - The price of gold moved down Friday morning as traders await cues from the U.S. inflation data due out later today.
Gold for August delivery, the most actively traded contract, slipped $6.00 to $1,583.30 an ounce. Yesterday, gold pared its strong early trading gains but extended its all-time settlement high after Fed Chairman Ben Bernanke told lawmakers that a third round of quantitative easing is not in the works.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,225.41 tons.
Meanwhile, the U.S. dollar continued to level off from its multi-month high versus the euro, while paring recent losses against sterling. The buck was trading flat versus the yen and the Swiss franc.
Close on the heels of a warning by Moody's, rating agency Standard & Poor's placed the "AAA" long-term and "A-1" short-term sovereign credit ratings on the U.S. on "CreditWatch" with negative implications.
The prices of silver and platinum moved down in morning deals.
In economic news, the U.S. Labor Department will come out with its report on inflation for June. Economists expect a 0.2 percent drop in consumer prices, but a 0.2 percent increase in core consumer prices.
The results of the New York Federal Reserve's empire state manufacturing survey are due out at 8:30 a.m. ET. The headline general business conditions index for July is expected to come in at 8 after dipping into negative territory in June.
