The price of gold was little changed Thursday morning as the US dollar was steady versus a basket of currencies ahead today's macroeconomic data.
Gold for December delivery, the most actively traded contract, edged up $0.70 to $1,714.70 an ounce. Yesterday, gold ended flat after the dollar strengthened against some of the major currencies, even as the euro declined on concerns over the euro zone financial crisis. Nonetheless, President Barack Obama's reelection for a second term somewhat limited the precious metal's slide, reigniting hopes of continued monetary stimulus support in the world's largest economy.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved up to 1,337.21 tons from 1,334.49 tons.
Meanwhile, the U.S. dollar was extending its 2-month high versus the euro and the Swiss franc, while advancing towards a three-week high against sterling. The buck was leveling off from its 4-month high versus the yen.
In economic news, Germany's exports declined in September at the fastest pace since December 2011, reflecting subdued demand from Europe. Exports declined 2.5 percent in September from a month ago, offsetting a 2.3 percent rise in August, Destatis said. Economists had forecast a 1.5 percent monthly fall for September.
The Bank of England today maintained its quantitative easing at GBP 375 billion and the interest rate at 0.50 percent, as widely expected.
The European Central Bank will announce its interest rate decision at 7.45 a.m. ET. The central bank is seen holding its interest rate at 0.75 percent.
The prices of silver and platinum were moving higher in morning deals.
From the U.S., the Labor Department will release its weekly jobless claims report at 8.30 a.m. ET. Economists expect claims to increase to 370,000 from 363,000 in the previous week.
Simultaneously, the Commerce Department will release the trade gap data for September. Economists estimate that the trade gap widened to $45.4 billion from a deficit of $44.2 billion in August.
