(RTTNews) - The price of gold was extending losses Wednesday morning as the euro continued to trade weak on concerns over the political situation in Greece.
Gold for June delivery, the most actively traded contract, lost $20.80 to $1,583.70 an ounce. Yesterday, gold ended at a four-month low as the dollar strengthened while investors continued to fret over the euro zone sovereign debt crisis in view of the shift in political alignment in France and Greece. Europe continued to be in focus with investors largely ignoring a sharp jump in Chinese gold import from Hong Kong in March.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, edged up to 1,274.99 tons from 1,274.09 tons.
Meanwhile, the U.S. dollar was hovering near its 3-month high versus the euro and near a 3-week high against sterling, while trading lower versus the yen The buck was flat against the Swiss franc.
In economic news from the euro zone, Germany's exports rose by seasonally adjusted 0.9 percent in March from the prior month, data from Destatis showed. Economists were forecasting a 0.5 percent drop for March after expanding 1.5 percent in February. At the same time, imports climbed 1.2 percent month-on-month, faster than the 1 percent rise forecast by economists. However, the rate of growth slowed from the 3.6 percent increase seen in February.
Meanwhile, data from the Federal Statistical Office showed Germany's manufacturing turnover increased at a slower pace in March. Manufacturing turnover increased a seasonally adjusted 0.2 percent month-on-month in March, slower than the 1.2 percent growth seen in February.
Elsewhere, the prices of silver and platinum were moving lower in morning deals.
