The price of gold was extending gains Thursday morning as the U.S. dollar was mixed ahead of the release of private sector employment report by the ADP.
Gold for December delivery, the most actively traded contract, edged up $4.30 to $1,723.40 an ounce. Yesterday, gold extended gains for a second session as the US dollar settled marginally lower and speculation of improvement in physical demand for the precious metal from India and China.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,336.30 tons.
Meanwhile, the U.S. dollar was leveling off from its weekly-low versus the euro, while moving back to a fresh three-week low against sterling. The buck was hovering near a 4-month high versus the yen and trading flat against the Swiss franc.
In economic news from the euro zone, growth of Swiss retail sales slowed in September, data from the Federal Statistical Office revealed. Retail trade turnover grew 5.4 percent year-on-year in September, slower than 6 percent rise in the previous month. Excluding fuel retailing, sales were 5.2 percent higher than a year ago.
Meanwhile, activity in the Swedish manufacturing sector decreased for the third consecutive month in October, and the rate of fall accelerated from the previous month, data released by the Swedbank showed.
The prices of silver and platinum were trading flat in morning deals.
From the U.S., the ADP will release its private sector employment report for the month of October by 8.15 a.m ET. Economists expects for an addition of 155,000 jobs by the sector in October following an addition of 162,000 jobs in September.
A little later, the Labor Department will come out with its weekly jobless claims data for the weekended October 27. Economists expect the claims to increase to 369,000, flat with last week.
