(RTTNews) - The price of gold was extending gains for a third session Tuesday morning amid a weak U.S. dollar.
Gold for December delivery, the most actively traded contract, edged up $2.80 to $1,619.00 an ounce. Yesterday, gold ended higher on continued hopes of further quantitative easing, with investors weighing some positive jobs data from the U.S. late last week. Any quantitative easing is a stimulus for gold, as it tends to gain on inflation fears and declining currency.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,254.94 tons.
Meanwhile, the U.S. dollar slipped back to a monthly low versus the euro and continued to tick lower against sterling. The buck was trading flat versus the yen and the Swiss franc.
In economic news from the euro zone, German manufacturing orders declined more than expected in June, the latest figures from the Federal Ministry of Economy and Technology showed. Factory orders fell 1.7 percent month-on-month in June compared to expectations for a 0.8 percent drop. In May, orders recorded a 0.7 percent increase.
Meanwhile, Production in the British industrial sector shrank notably in June mainly due to extra holidays for the Queen's Diamond Jubilee celebrations, the latest figures from the Office for National Statistics showed.
The prices of silver and platinum were moving higher in morning deals.
