The price of gold was steady at a two-week high Wednesday morning after Barack Obama's re-election in the US sustained hopes for continued monetary stimulus in the world's largest economy.
Gold for December delivery, the most actively traded contract, gained $9.50 to $1,724.50 an ounce. Yesterday, gold settled above the $1,700-mark for the first time in two days mostly as investors sought the safe haven status of the precious metal while awaiting the outcome of the U.S. presidential elections
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved up to 1,334.49 tons from 1,332.38 tons.
Meanwhile, the U.S. dollar was hovering around a two-month high versus the euro and near a two-week high against sterling. The buck was trading around its 4-month high versus the yen, while leveling off from a two-month high against .the Swiss franc.
In economic news, retail sales in the euro area decreased at a slightly faster rate than economists expected in September, after recording a modest increase in the previous month, data released by statistical office Eurostat showed. Retail sales volume decreased 0.2 percent month-on-month in September, reversing the previous month's 0.2 percent rise. Economists had forecast a more modest decrease by 0.1 percent for September.
Meanwhile, Germany's industrial production declined 1.8 percent in September from a month ago, the Federal Ministry of Economics and Technology said. It follows a slower 0.4 percent drop in August and exceeded a 0.7 percent decline forecast by economists. Industrial production adjusted for working days, slipped unexpectedly by 1.2 percent annually after falling 1.3 percent in August. Economists had forecast output to grow 0.1 percent.
The prices of silver and platinum were moving higher in morning deals.
