(RTTNews) - The price of gold was firm around $1,550 amid a weak U.S. dollar that slipped to a record low versus the Swiss franc overnight.
Gold for August delivery, the most actively traded contract, was up $3.60 to $1,550.80 an ounce. Yesterday, gold extended gains for a second session as the recent batch of disappointing economic data from the U.S. raised hopes that the central bank will leave interest rates at record low for an extended period, putting pressure on the U.S. dollar.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,212.87 tons.
Meanwhile, the U.S. dollar was lingering around its one-month low versus the euro and ticking lower against sterling. The buck was trading at a fresh record low versus the Swiss franc and was flat against the yen.
In economic news from the euro zone, retail sales rebounded stronger than expected in April, erasing previous month's decline as strong consumer spending during the Easter break boosted sales. Retail sales grew 0.9 percent month-on-month in April, offsetting a revised 0.9 percent drop in March, data from Eurostat showed today. Economists had expected a monthly growth of 0.3 percent after the originally estimated 1 percent fall in March.
Elsewhere, the prices of silver and platinum were moving higher in morning deals.
by RTT Staff Writer
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