(RTTNews) - The price of gold was moving lower Monday morning even as the the U.S. dollar was trading weak versus a basket of currencies ahead of this week's macroeconomic data.
Gold for December delivery, the most actively traded contract, slipped $5.60 to $1,768.30 an ounce. Last week, gold ended higher near its seven-month high after some soft economic data out of the U.S. and buyers back on track with the low prices for the precious metal. The gold miners strike in South Africa also helped push gold prices up.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,320.78 tons.
Meanwhile, the U.S. dollar continued to level off from its 2-week high versus the euro and ticking lower against sterling. The buck was moving lower versus the yen and the Swiss franc.
In economic news, activity in the euro zone manufacturing sector in September decreased at a slightly slower pace than estimated earlier, final data from a survey by Markit Economics showed. The seasonally adjusted purchasing managers' index (PMI) for the manufacturing sector came in at a six-month high of 46.1 in September, slightly higher than 46 recorded in the preliminary estimates.
Elsewhere, Germany's manufacturing contracted at a slower pace in September due to slower reductions in output and new orders as well as a stabilization of manufacturing employment levels, survey data from Markit Economics revealed.
Meanwhile, a report from the Eurostat showed that unemployment in the euro zone remained unchanged for the second successive month in August. The seasonally adjusted unemployment rate was 11.4 percent, unchanged from July and June. The latest figure also matched economists' expectations.
The prices of silver and platinum were trading lower in morning deals.
From the U.S., the results of the manufacturing survey of the Institute for Supply Management, which are based on data compiled from purchasing and supply executives nationwide, are due out at 10 a.m. ET. Economists expect the index to show a reading of 49.7 for September compared to 49.6 in August.
Simultaneously, the Commerce Department's construction spending report to be released, which is expected to show a 0.6 percent increase in August compared to a 0.9 percent decline in July.
Bernanke is scheduled to speak on "Five Questions about the Federal Reserve and Monetary Policy" at the Economic Club of Indiana at 12:30 pm ET.
