(RTTNews) - The price of gold was extending losses for a fourth session Thursday morning even as the U.S. dollar was trading weak versus a basket of currencies. Strong physical demand from Asia is supporting prices from a big fall, analysts opined.
Gold for December delivery, the most actively traded contract, lost $19.10 to $1,727.90 an ounce. Yesterday gold extended losses for a third session as a flurry of relatively positive economic news lessened the yellow metal's safe haven appeal. A report from Commerce Department revealed U.S. housing starts surged higher and the Labor Department said consumer price index rose by 0.3 percent in September.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,227.51 tons.
Meanwhile, the U.S. dollar continued to pare recent gains versus the euro, sterling and the Swiss franc, while ticking higher against the yen.
In economic news from the euro zone, Germany's producer price inflation remained unchanged in September, and matched economists' forecast, data released by statistical office Destatis showed. The index increased 5.5 percent year-on-year in September, unchanged from the rate of growth recorded in August. The latest growth also matched economists' expectations.
Elsewhere, the prices of silver and platinum were moving lower in morning deals.
In economic news from the U.S., the Labor Department will release its report on weekly jobless claims at 8.30 a.m. ET. Economists expect the claims to edge up to 408,000 from the last week's 404,000.
Later during the session, the National Association of Realtors will come out with its report on existing home sales for September. Economists estimate existing home sales of 4.93 million for the month after it rose to 5.03 million units in August.
