(RTTNews) - The price of gold moved up near $1,800 Friday morning ahead of Federal Reserve chairman Ben Bernanke's much anticipated speech later today.
Gold for December delivery, the most actively traded contract, gained $25.00 to $1,788.20 an ounce. Yesterday, gold edged up moderately after weak data on the U.S. job front coupled with rumors that Germany might be next in line to get a sovereign-debt downgrade augmented investors nervousness.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,232.31 tons.
Meanwhile, the U.S. dollar was paring its previous session's gains versus the euro and the yen, while extending losses against sterling. The buck was ticking higher versus the Swiss franc.
In economic news from the euro zone, the U.K. economy grew 0.2 percent in the second quarter from the prior quarter, according to second estimates published by the Office for National Statistics. The growth rate slowed from 0.5 percent expansion seen in the first quarter.
Elsewhere, the prices of silver and platinum were moving higher in morning deals.
In economic news from the U.S., the Commerce Department will release its preliminary estimate of second quarter GDP at 8:30 a.m. ET. Economists expect GDP growth to be downwardly revised to 1.1 percent from the 1.3 percent reported initially.
Later during the session, the Reuters/University of Michigan's final report on the consumer sentiment index for August will be released. The index is expected to be revised up to 56 from the mid-month reading of 54.9.
Traders will also be keen to hear Bernanke speech to the Kansas City Fed conference in Jackson Hole at 10 a.m. ET.
