RTTN: Gold Steady Near Record High Amid Recovering Dollar
(RTTNews) - The price of gold was holding on to its previous session's gains Wednesday morning even as the U.S dollar was trading firm.
Gold for December delivery, the most actively traded contract, edged down $1.50 to $1,270.20 an ounce, after recording its largest one-day gain in four months in the previous session. Yesterday, gold advanced to a fresh all-time intraday high of $1,276.50 before settling at $1,271.70.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved up to 1,298.70 tons from 1,292.62 tons.
Meanwhile, the U.S. dollar was trading flat versus the euro and ticking lower against sterling. The British pound was struggling to sustain overnight gains after data revealed unemployment claims in UK rose by 2,300 in August, contrasting analysts' forecast for a fall of 3,000.
The buck was recovering smartly from its 15-year low versus the yen, after the Japanese government intervened in the currency market for the first time in six years as a strong yen made Japanese exports less competitive.
Elsewhere, the price of silver ticked higher and platinum moved lower in morning deals.
Today, traders will look to New York Empire State manufacturing Index and data on August industrial production from the U.S., to get clues on the movement in the U.S. dollar.
