(RTTNews) - The price of gold was steady near its four-month high Friday morning as the U.S. dollar was trading lower versus a basket of currencies ahead of a key speech from Federal Reserve chief Ben Bernanke in Jackson Hole, Wyoming.
Gold for December delivery, the most actively traded contract, added $4.20 to $1,661.30 an ounce. Yesterday, gold extended losses for third session as hopes for further quantitative stimulus measures from the world's largest economy weakened following the recent batch of encouraging economic data from the U.S.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,289.52 tons.
Meanwhile, the U.S. dollar slipped back toward a two-month low versus the euro and the Swiss franc, while easing back to a weekly low against sterling. The buck was ticking lower versus the yen.
In economic news, euro zone inflation accelerated to 2.6 percent in August from 2.4 percent in July, flash estimate issued by Eurostat showed. The rate was forecast to rise to 2.5 percent. The central bank aims to retain inflation rates below, but close to, 2 percent over the medium term. The final report for August is due on September 14.
Meanwhile, Germany's retail sales decreased from the previous month in July, defying economists' forecast for an increase, data released by the Federal Statistical Office revealed. Retail sales turnover decreased 0.9 percent month-on-month in July, reversing the previous month's 0.5 percent increase. Economists were looking for a 0.2 percent growth.
The prices of silver and platinum were moving higher in morning deals.
From the U.S., the Institute of Supply Management-Chicago will release its results of business survey for August at 9:45 am ET. Economists expect the business barometer index based on the survey to edge up to 53.8 from 53.7 in July.
Reuters and the University of Michigan are due to release the final report on the consumer sentiment index for August is scheduled at 9:55 am ET. The consumer sentiment index is expected to be left unrevised at 73.6.
Additionally, the Commerce Department is due to release its report on factory goods orders for July at 10 am ET. Economists estimate a 2 percent increase in orders for factory goods following a 0.5 percent drop in June.
