(RTTNews) - The price of gold was holding on to its previous session's gains Wednesday morning, supported by physical buying.
Gold for December delivery, the most actively traded contract, edged up $4.60 to $1,657.10 an ounce. Yesterday, gold snapped its four session losing streak amid optimism that European leaders are moving closer to a plan to contain that region's debt crisis.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved down to 1,241.92 tons from 1,246.76 tons.
Meanwhile, the U.S. dollar continued to level off from its 8-month high versus the euro and 9-month high against sterling. The buck was trading lower versus the Swiss franc and the yen.
Elsewhere, the prices of silver and platinum were ticking lower in morning deals.
In economic news from the U.S., the Commerce Department will release its durable goods orders report at 8:30 a.m ET. Economists expect a 0.2 percent increase in durable goods orders for August following a 4.1 percent gain in July.
