(RTTNews) - The price of gold moved up to one-month high Tuesday morning amid encouraging economic data from Europe and Asia.
Chinese economy grew at 8.9 percent in fourth quarter, marginally higher than the 8.7 percent economists had predicted.
Earlier today, Credit Suisse lowered its 2012 gold price forecast to $1,755 per ounce from its previous $1,850 per ounce while maintaining its bullish view.
Gold for February delivery, the most actively traded contract, gained $32.40 to $1,663.20 an ounce.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,254.16 tons.
This morning, the U.S. dollar continued to level off from its multi-year high versus the euro and ticking lower against sterling. The buck was little changed versus the Swiss franc and edging up against the yen.
In economic news, euro zone inflation eased more than initially estimated in December, final data from Eurostat revealed. Euro area annual inflation eased to 2.7 percent in December from 3 percent in November. It was revised slightly down from the flash estimate of 2.8 percent. On a monthly basis, consumer prices were up 0.3 percent, below 0.4 percent expected by economists.
Meanwhile, German economic confidence improved strongly in January the Centre for European Economic Research (ZEW) said. The economic sentiment index rose by 32.2 points to -21.6 points, the highest level of the indicator since July 2011. The expected reading for January was -49.2.
Elsewhere, the prices of silver and platinum were moving higher in morning deals.
