RTTN:Gold Up Near $1,800 On Weak Global Economic Outlook
(RTTNews) - The price of gold was extending gains for a third session Wednesday morning amid a gloomy global economic outlook.
Gold for December delivery, the most actively traded contract, added $7.80 to $1,792.80 an ounce. Yesterday, gold ended higher for a second session after weaker than expected GDP data of Germany and the sagging European economy boosted the safe haven appeal of the yellow metal
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved up to 1,262.90 tons from 1,260.17 tons.
Meanwhile, the U.S. dollar was ticking lower versus the euro, the Swiss franc and the yen, while trading flat against sterling.
In economic news, euro zone annual inflation slowed to 2.5 percent in July, as estimated initially, from 2.7 percent in June, Eurostat said. On a monthly comparison, consumer prices fell by 0.6 percent in July, in line with economists' expectations.
Elsewhere, the prices of silver and platinum moved up in morning deals.
In economic news, the U.S. Labor Department is slated to release its producer price inflation report for July at 8:30 a.m. ET. Economists expect the headline index to remain unchanged, but the core producer price index is seen rising by 0.2 percent.
