(RTTNews) - The price of gold continued to pull back for a second session Wednesday morning on profit taking even as the U.S. dollar moved south.
Gold for December delivery, the most actively traded contract, was down $12.60 to $1,848.70 an ounce. Yesterday, gold snapped its 6-day winning streak to level off from its record peak as investors resorted to profit booking in anticipation of CME Group raising its margin requirements. Fresh gains in equity markets also took out some steam of gold.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved down to 1,259.57 tons from 1,284.40 tons.
Meanwhile, the U.S. dollar continued to drift lower versus the euro, sterling and the yen, while paring its previous session's gains against the Swiss franc.
In economic news, German business sentiment fell more than expected in August, according to a monthly survey from the Ifo institute. The business climate index fell to 108.7 in August from 112.9 in July. Economists were expecting it to fall to 111.
Elsewhere, the prices of silver and platinum were moving lower in morning deals.
In economic news from the U.S., the Commerce Department will come out with its report on durable goods orders for the month of July. Economists expect a 2 percent increase in the orders following a 1.9 percent drop in June.
