RTTN: Gold Eases From All-time High As Euro Stabilizes
(RTTNews) - The price of gold eased from its all-time high Wednesday morning amid a stable euro.
Gold for August delivery, the most actively traded contract, was down $8.20 to $1,237.40 an ounce. Gold rose to a record high of $1,252.10 an ounce intraday previous session as risk aversion resurfaced amid lingering worries over the euro zone debt situation and concerns over global economic growth
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose to a fresh all-time high of 1,298.53 tons from 1,286.36 tons.
Meanwhile, the U.S. dollar was leveling off from its fresh 4-year high versus the euro and ticking lower against the British pound. The greenback was trading almost flat against the yen.
Elsewhere, the price of silver ticked lower and platinum edged up in morning deals.
Traders will look to the data on wholesale inventories for April from the Commerce Department and Federal Reserve's results of the Beige Book, due out later today to get clues on the strength in the recovery of the economy.
