(RTTNews) - The price of gold was lingering below the $1,600-mark Monday morning as the U.S. dollar was steady ahead of this week's economic data.
Gold for August delivery, the most actively traded contract, moved up $6.20 to $1,585.10 an ounce. Last week, gold shed nearly 2 percent as investors were not overtly impressed with some interest rate cuts by major central banks, including the European Central Bank. Gold prices were also under pressure with a strong dollar, with the euro slipping to a five week low.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, edged down to 1,279.08 tons from 1,279.51 tons.
This morning, the U.S. dollar was hovering near a two-year high versus the euro and around a monthly high against sterling. The buck was trading mixed versus the yen and the Swiss franc.
In economic news from the euro zone, Germany's exports rose more than expected in May, the latest figures from the Federal Statistical Office showed. Exports grew 3.9 percent month-on-month in May, following a 1.7 percent decline in April. Economists expected only a 0.2 percent rise in shipments.
Elsewhere, the prices of silver and platinum were trading flat in morning deals.
