(RTTNews) - The price of gold was hovering around $1,250 Thursday morning as traders await cues from the day's economic data.
Gold for December delivery, the most actively traded contract, edged up $0.70 to $1,248.80 an ounce. Yesterday, gold eased from its intraday high of $1,256.60 following strong manufacturing data from the U.S and China.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved up for a second day to 1,304.03 tons from 1,302.51 tons. SPDR's holdings advanced to a record high of 1,320.44 tons on June 30.
Meanwhile, the U.S. dollar was lingering near its 2-week low versus the euro ahead of a rate decision from the European Central Bank and was ticking higher against sterling. The buck continued to trade near its 15-year low against the yen.
Elsewhere, the prices of silver and platinum ticked higher in morning deals.
Today, traders will look to the data on weekly jobless claims and pending home sales for July from the U.S. due out later today, to get more clues on the strength of the economy.
