(RTTNews) - The price of gold was moving higher Friday morning after Chinese economic growth data came almost in-line with economists estimates.
China's economic growth eased to a three-year low of 7.6 percent year-on-year in the second quarter, according to the National Bureau of Statistics. The outcome was almost in line with economists' expectations of 7.7 percent expansion.
Gold for August delivery, the most actively traded contract, gained $18.10 to $1,583.40 an ounce. Yesterday, gold extended losses for a third session as the dollar traded firm versus a basket of currencies after the Federal Reserve policy meeting failed to provide any hint of further quantitative easing that investors anticipated.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved down to 1,269.73 tons from 1,271.24 tons.
This morning, the U.S. dollar was hovering around its 2-year high versus the euro and near a one- month high against sterling. The buck was trading flat flat versus the yen and the Swiss franc.
The euro was under pressure after Moody's Investors Service on downgraded Italy's credit rating by two notches, citing contagion risk from Greece and Spain, higher funding costs and a deteriorating economic outlook.
The prices of silver and platinum were trading higher in morning deals.
