(RTTNews) - The price of gold moved up Wednesday morning as the U.S. dollar was trading mixed against a basket of currencies.
Gold for December delivery, the most actively traded contract, gained $7.10 to $1,837.20 an ounce. Yesterday, gold edged up amid bargain hunting after recent losses and a weak U.S. dollar.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, edged down to 1,241.31 tons from 1,241.92 tons.
Meanwhile, the U.S. dollar continued to level off from its 7-month high versus the euro and hovers around its 8-month high against sterling. The greenback was ticking lower against the Swiss franc and the yen.
In economic news from the euro zone, industrial production increased in July after a modest decline in the previous month, data released by Eurostat showed. Industrial output increased 1 percent on a monthly basis in July, reversing a 0.8 percent fall in June. Economists expected an increase of 1.5 percent.
Meanwhile, U.K.'s jobless claims increased less than expected in August, according to data from the Office for National Statistics.
Elsewhere, the price of silver was ticking lower, while platinum edged up in morning deals.
In economic news, the U.S. Commerce Department is set to release its retail sales report for August at 8:30 a.m. ET. Economists estimate 0.2 percent increase in retail sales, and excluding autos, sales may have risen 0.3 percent.
