The price of gold was moving higher Monday morning, with the US dollar trading steady versus a basket of currencies after the recent batch of upbeat macroeconomic data.
Gold for August delivery, the most actively traded contract, gained $18.00 to $1,230.70 an ounce. Last week, gold shed nearly 1 percent as the dollar strengthened against a basket of major currencies after some upbeat jobs data from the U.S.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved down to 961.99 tons from 964.69 tons.
Meanwhile, the U.S. dollar trading near its 6-week high versus the euro and around a four-month high against sterling. The buck was steady around its one-month high versus the Swiss franc and the yen.
In economic news from the euro zone, German exports declined unexpectedly in May, while the growth in imports accelerated from the prior month, Destatis reported. Exports dropped 2.4 percent month-on-month, confounding expectations for a 0.1 percent rise. The decline in May revered 1.4 percent increase in April. Meanwhile, imports grew at a faster pace of 1.7 percent after rising 1.2 percent a month ago. It was forecast to remain flat in May.
Meanwhile, German industrial production declined more than expected in May due to notable decline in construction and energy output, the Federal Ministry of Economics and Technology said. Industrial output fell 1 percent in May from the previous month, the steepest since October 2012. Economists expected the production to fall 0.5 percent after rising 2 percent in April.
Euro zone investor confidence deteriorated in July after rising for two consecutive months, survey results from think-tank Sentix showed. The investor confidence index fell to -12.6 in July from -11.6 in June, also worse-than the expected reading of -11.7.
Elsewhere, the prices of silver and platinum were moving higher in morning deals.
From the U.S., the Federal Reserve is scheduled to release its report on consumer credit at 3 pm ET. Economists expect outstanding consumer credit to have increased by $13 billion in May from a $11.1 billion increase in April.
