RTTN: Gold Advances Near Record High Amid Falling Dollar
(RTTNews) - The price of gold was advancing near its all-time high Wednesday morning amid a weak dollar. Gold rose to a record high of $1,264.90 an ounce during June.
Gold for December delivery, the most actively traded contract, moved up $4.90 to $1,255.20 an ounce. Yesterday, gold advanced nearly 1% to a fresh 2-month high of above $1,250 amid uncertain global economic outlook.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved up to 1,302.51 tons from 1,298.56 tons. SPDR's holdings advanced to a record high of 1,320.44 tons on June 30.
Meanwhile, the U.S. dollar slipped near its 2-week low versus the euro and ticking lower against sterling. The buck was lingering near its 15-year low against the yen.
Elsewhere, the prices of silver and platinum ticked higher in morning deals.
Traders will look to the report from ADP National Employment, due out later today. Economists expect an addition of 20,000 jobs in August. Also the results of ISM survey and data on construction spending for July will be in focus.
