(RTTNews) - The price of gold was extending losses for a second session Friday morning amid a steady U.S. dollar.
Gold for December delivery, the most actively traded contract, lost $29.50 to $1,712.20 an ounce. Yesterday, gold tumbled nearly 4 percent to hit a four-week low amid a broadly stronger dollar, steep declines in global equity markets and pessimistic economic data from China.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,252.21 tons.
Meanwhile, the U.S. dollar was hovering near its 7-month high versus the euro and 9-month high against sterling. The buck was trading around its 5-month high versus the Swiss franc, while ticking lower against the yen.
Moody's Investors Service on Friday lowered the ratings of eight Greek banks by two notches, citing the risk on banks' capital from the exposure to government bonds.
Elsewhere, the prices of silver and platinum were moving lower in morning deals.
