(RTTNews) - The price of gold was steady above the $1,700-mark Friday morning even as the U.S. dollar was trading firm ahead of jobs data. Notably, the euro declined against other major currencies after reports suggested that Greece has successfully completed the bond swap deal with 85.8 percent of its private bond holders agreeing to participate in the debt restructuring.
Gold for April delivery, the most actively traded contract, edged up $3.10 to $1,701.80 an ounce. Yesterday, gold ended higher near $1,700 on global cues anticipating a resolution to the Greek debt swap deal. Prices were also fueled by inflation concerns on the reported bond buying program being considered by the U.S Federal Reserve.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,293.68 tons.
This morning, the U.S. dollar was paring its recent losses versus the euro and sterling while ticking higher against the Swiss franc and the yen.
In economic news, Germany's EU harmonized consumer prices increased at estimated earlier in February, final data released by the Federal Statistical Office showed. The harmonized index of consumer prices (HICP), measured under the EU methodology, increased 2.5 percent year-on-year in February, unrevised from the preliminary estimates. In January, the HICP rose 2.3 percent annually. Month-on-month, the HICP increased an unrevised 0.9 percent in February, the agency said.
Separately, the Federal Statistical Office said Germany's exports recovered in January at a faster than expected pace, growing 2.3 percent month-on-month, following a 4.4 percent drop in December. The expected rate of increase was 2 percent. Likewise, imports rose 2.4 percent, partially offsetting December's 3.9 percent drop and larger than the expected 1.5 percent rise. The foreign trade surplus increased to EUR 13.1 billion in January from EUR 12.9 billion in the prior month.
Elsewhere, the prices of silver and platinum were ticking higher in morning deals.
From the U.S., the Labor Department will release its non-farm payroll report for the month of February at 8.30 a.m ET. Economists expect non-farm payrolls for February to increase by 204,000 and the unemployment rate to remain steady at 8.3 percent. In January, payrolls expanded by 243,000.
Simultaneously, the Commerce Department will come out with its trade gap data for January. Economists estimate that the trade gap narrowed slightly at $48.4 billion in the month from the $48.8 billion deficit recorded in December.
