(RTTNews) - The price of gold extended gains Friday morning as the euro moved up amid hopes for a solution to Ireland's debt issues.
Meanwhile, the People's Bank of China will raise the reserve ratio by 50 basis points later this month in an effort to step up liquidity management and appropriately control credit and loans.
Gold for December delivery, the most actively traded contract, edged up $3.20 to $1,356.20 an ounce. Yesterday, gold recovered from its 3-week low to settle higher as the dollar trimmed recent gains.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved down to 1,286.30 tons from 1,290.86 tons.
Meanwhile, the U.S. dollar continued to move back toward its 10-month low versus the euro, and was uncertain against the yen and sterling.
Elsewhere, the price of silver edged up and platinum eased in morning deals.
