(RTTNews) - The price of gold was little changed Wednesday morning even as the U.S. dollar was ticking lower versus a basket of currencies ahead of the FOMC minutes, due out later today
Gold prices may touch $1,800 an ounce in 2012 on improved investment sentiment for the gold market in the second half of the year, according to Thomson Reuters GFMS Gold Survey report released in Beijing earlier today. However, the upside would be capped by expectations of a surplus gold market in 2012, the release noted.
Gold for August delivery, the most actively traded contract, eased $1.60 to $1,578.20 an ounce. Yesterday, gold settled lower on renewed euro zone concerns and a stronger dollar, even as investors awaited the outcome of the two-day Federal Reserve policy meeting.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved down to 1,271.24 tons from 1,275.46 tons
This morning, the U.S. dollar was hovering near its two-year high versus the euro, while leveling off from a monthly high against sterling. The buck was ticking lower versus the yen and the Swiss franc.
In economic news from the euro zone, Germany's EU harmonized consumer prices increased as estimated earlier in June, final data released by statistical office Destatis showed. The harmonized index of consumer prices increased 2 percent on an annual basis in June, in line with the preliminary estimates. The growth rate, however, eased from May's 2.2 percent.
