(RTTNews) - The price of gold was steady Tuesday morning as the euro continued to strengthen after economic growth data out of Europe.
Gold for December delivery, the most actively traded contract, edged up $2.90 to $1,615.50 an ounce. Yesterday, gold ended lower tracking weak equities even as investors continued to weigh possibilities of additional monetary stimulus from central banks globally.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,258.15 tons.
Meanwhile, the U.S. dollar continued to level off from its weekly high versus the euro and slipped back near a three-week low against sterling. The buck was moving lower versus the Swiss franc and ticking higher against the yen.
In economic news, the euro zone economy contracted in the second quarter as expected by economists, flash estimate from Eurostat showed. Gross domestic product of the 17-nation currency bloc fell 0.2 percent from the prior quarter after staying flat in the first quarter. On a yearly basis, the economy shrank 0.4 percent after stagnating in the prior quarter. The annual fall also matched economists' expectations.
Earlier today, preliminary estimates from the Federal Statistical Office revealed that the German economy expanded more than expected in the second quarter.
The prices of silver and platinum were trading higher in morning deals.
From the U.S., the Commerce Department will release its retail sales report for July at 8:30 am ET. Economists estimate a 0.3 percent increase in retail sales and a 0.4 percent increase in retail sales that exclude autos. In June, retail sales fell by 0.5 percent.
Simultaneously, the Labor Department will release its report on the producer price index for July. Economists expect the headline index and the core producer price index for July to have risen by 0.2 percent each. The headline index had risen by 0.1 percent in June.
