The price of gold was little changed Tuesday morning as the euro was struggling to sustain gains amid uncertainty about Spain's bailout and concerns about Greece.
Gold for December delivery, the most actively traded contract, eased $2.60 to $1,773.10 an ounce. Yesterday, gold ended lower following a World Bank report that indicated a slowdown in China's economic growth, one of the major consumers of gold. Meanwhile, the dollar strengthened against a basket of some major currencies, while the euro weakened.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved up to a record high of 1,340.52 tons from 1,333.44 tons.
Meanwhile, the U.S. dollar continued to recover from a two-week low versus the euro and advancing to a monthly high against sterling. The buck was trading flat versus the Swiss franc and the yen.
In economic news from the euro zone, U.K. industrial output declined 0.5 percent in August from a month ago, when it rose 2.8 percent, the Office for National Statistics showed. The rate of decline matched economists' expectations. Manufacturing output, at the same time, was down 1.1 percent, following a 3.1 percent rise in July. The month-on-month fall exceeded the 0.7 percent decrease forecast by economists.
Meanwhile, data released by the Office for National Statistics showed the U.K.'s trade in goods resulted in a higher-than-expected deficit in August. The visible trade deficit widened to GBP 9.8 billion in August from GBP 7.3 billion in July. Economists expected a deficit of GBP 8.5 billion.
The prices of silver and platinum were trading flat in morning deals.
