WASHINGTON (Alliance News) - The price of gold was ticking higher Friday morning, with the US dollar trading weak versus a basket of currencies.
Gold for February delivery, the most actively traded contract, added USD8.10 to USD1,270.40 an ounce. Yesterday, gold snapped its two-session loosing streak to settle near a 10-week high tracking declining global equity markets after some soft economic data from China and on demand growth prospects with reports that India may ease curbs on import of the precious metal.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved down to 790.46 tons from 795.85 tons.
This morning, the US dollar was lingering near its one-month low versus the euro, the yen and the Swiss franc, while trading around a three-year low against sterling.
In economic news, UK mortgage approvals increased less than expected in December, figures released by the British Bankers' Association said. The number of mortgages approved for house purchases rose to 46,521 from 45,394 in November. The figure was less than an expected 47,300.
Elsewhere, the prices of silver and platinum were trading lower in morning deals.
