(RTTNews) - The price of gold was ticking higher Monday morning amid hopes for further monetary stimulus measures from the European Central Bank.
Gold for December delivery, the most actively traded contract, edged up $2.80 to $1,625.60 an ounce. Lats week, gold ended marginally higher on continued hopes of additional monetary stimulus from central banks worldwide after a recent batch of weak growth data.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved up to 1,258.15 tons from 1,254.94 tons.
Meanwhile, the U.S. dollar was leveling off from its weekly high versus the euro and the Swiss franc, while trading lower against sterling and little changed versus the yen.
In economic news from the euro zone, wholesale price inflation in Germany rose more than expected in July, the latest figures from the Federal Statistical Office showed. Wholesale price inflation quickened to 2 percent in July from 1.1 percent in June. This was expected to rise to 1.3 percent. On a monthly basis, prices increased 0.3 percent against expectations for a 0.4 percent decline. This comes after a 1.1 percent month-on-month decline in June and 0.7 fall in May.
The prices of silver and platinum were trading flat in morning deals.
