(RTTNews) - The price of gold was edging up Friday morning after witnessing steep fall in the previous session.
Gold for August delivery, the most actively traded contract edged up $4.40 to $1,569.90 an ounce. Yesterday, gold suffered steep losses to settle near a three-week low on some weak economic data from the U.S. and a strengthening dollar. The Federal Reserve's failure to announce the much anticipated monetary stimulus after its policy meeting also impacted gold prices.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,281.62 tons.
This morning, the U.S. was hovering around its two-week high versus the euro and trading flat against sterling. The buck continued to trade around its one-month high against the yen and trading flat versus the Swiss franc.
In economic news from the euro zone, Germany's business sentiment weakened more than expected in June, reports said citing the latest survey results from Ifo Institute. The business confidence index fell to 105.3 from 106.9 a month ago. Economists were expecting the index to fall to 105.6.
Elsewhere, the price of silver was ticking higher, while platinum was moving lower in morning deals.
