RTTN: Gold Little Changed Near $1,180 Amid A Weak Dollar
(RTTNews) - The price of gold was little changed Tuesday morning amid a weak U.S. dollar.
Gold for August delivery edged up $0.70 to $1,183.80 an ounce. Yesterday, gold settled lower after U.S. equities extended gains following upbeat new home sales data.
The U.S. Commerce Department said yesterday that new home sales rose 23.6% to an annual rate of 330,000 in June from the revised May rate of 267,000. Economists were expecting sales to edge up to 310,000.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, eased further to 1,301.74 tons from 1,302.05 tons. SPDR's holdings advanced to a record high of 1,320.44 tons on June 30.
Meanwhile, the U.S. dollar slipped to a fresh 2-month low versus the euro and to near a 5-month low against the British pound. The buck was leveling-off from its 2010 low versus the yen.
Elsewhere, the prices of silver and platinum were trading almost flat in morning deals.
Traders will look to S&P/Case Shiller Home Price Index and data on consumer confidence from the U.S., due out later today to gauge the strength in the recovery of the economy.
