RTTN: Gold Eases Below $1,360 Amid Recovering Dollar
(RTTNews) - The price of gold eased back below $1,360 Tuesday morning amid a recovering U.S. dollar.
Gold for December delivery, the most actively traded contract, was down $16.70 to $1,355.40 an ounce. Yesterday, gold recovered from its steep intraday losses to settle flat,
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, edged down to 1,301.00 tons from 1,301.91 tons. SPDR's holdings advanced to a record high of 1,320.44 tons on June 30.
Meanwhile, the U.S. dollar continued to level off from its 8-month low versus the euro and sterling. The greenback was edging higher from its record low against the Swiss Franc and from a 15-year low versus the yen. The buck firmed up after US Treasury Secretary Tim Geithner said his country would not engage in competitive devaluation.
Elsewhere, the price of silver moved down, while platinum was steady in morning deals.
Today traders will look to the data on housing starts and building permits to gauge the situation in the housing market in the U.S., the world's largest economy.
