(RTTNews) - The price of gold was extending gains Tuesday morning amid fears that Greece is heading for a default.
Gold for December delivery, the most actively traded contract, gained $12.20 to $1,669.90 an ounce. Yesterday, gold rose over 2 percent as another round of worries about the euro-zone crisis and a possible Greek default 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 1,232.23 tons from 1,231.93 tons.
Meantime, the U.S. dollar was hovering near its 9-month high versus the euro and 10-month high against sterling. The buck advanced to a fresh 6-month high versus the Swiss franc and ticking higher against the yen.
In economic news from the euro zone, producer price inflation slowed in August, according to data from Eurostat. Producer prices increased at a slower pace of 5.9 percent year-on-year in August, slower than the 6.1 percent rise logged in July. However, the increase was slightly bigger than the expected 5.7 percent rise.
Elsewhere, the price of silver was moving higher, while platinum was ticking lower in morning deals.
In economic news, the U.S. Commerce Department will release its report on factory goods orders for August at 10 a.m. ET. Economists estimate a 0.3 percent drop in orders for factory goods.
