WASHINGTON (Alliance News) - The price of gold was little changed Monday morning, with the US dollar trading weak versus a basket of currencies as macroeconomic data due for the unfolding week are likely to be delayed due to the ongoing government shutdown.
Gold for December delivery, the most actively traded contract, edged up USD3.90 to USD1,313.80 an ounce. Last week, gold lost over 2 percent to settle near a two-month low mostly as the dollar trended higher with investors focused on the implications of the partial US government shutdown that entered the fourth day and on debt ceiling worries.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 899.99 tons.
Meanwhile, the US dollar was lingering around its nine-month low versus the euro and sterling, while trading around its 2-month low against the yen and extending losses versus the Swiss franc.
In economic news, euro zone investor confidence deteriorated unexpectedly in October, a closely watched survey conducted by think-tank Sentix showed. The headline investor sentiment index dropped to 6.1 in October from the second-highest level on record. Economists had forecast the score to rise to 8.5 from 6.5 points in September. The unexpected decline was driven by the deterioration in respondents future expectations.
