(RTTNews) - The price of gold was leveling off from its 6-week high Tuesday morning amid a steady U.S. dollar.
Gold for February delivery, the most actively traded contract, was down $10.80 to $1,667.50 an ounce. Yesterday, gold ended higher amid a weak dollar and news that the European Union has agreed to enforce an oil embargo of Iran.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved down to 1,250.53 tons from 1,255.67 tons.
This morning, the U.S. dollar was little changed around its 3-week low versus the euro and sterling. The buck was moving lower versus the Swiss franc and ticking higher against the yen.
In economic news, private sector activity in the euro zone expanded for the first time in five months in January, the flash survey results from Markit Economics showed. The composite output index, that measures activity in both manufacturing and service sector, rose to 50.4 in January from 48.3 compared to economists' forecast for a modest improvement to 48.5.
Separately, Eurostat said industrial new orders in the euro zone fell 1.3 percent month-on-month in November, partially offsetting the 1.5 percent growth in October. However, the decline was narrower than the 2.2 percent drop expected by economists.
Meanwhile, activity in Germany's private sector increased for the seventh consecutive month in January, driven by growth in both manufacturing and service sectors, data from a survey by Markit Economics and BME showed.
Elsewhere, the prices of silver and platinum were ticking lower in morning deals.
