WASHINGTON (dpa-AFX) - The price of gold was moving higher Wednesday morning
as its safe-haven appeal increased after Greece shocked the markets with a call
for a referendum on a European Union aid deal.
Gold for December delivery, the most actively traded contract, gained $21.80 to $1,733.60 an ounce.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,243.55 tons.
Meanwhile, the U.S. dollar was paring its recent gains versus the euro and sterling, while trading lower versus the Swiss franc and the yen.
Gold for December delivery, the most actively traded contract, gained $21.80 to $1,733.60 an ounce.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,243.55 tons.
Meanwhile, the U.S. dollar was paring its recent gains versus the euro and sterling, while trading lower versus the Swiss franc and the yen.
In economic news from euro zone, German unemployment increased in October, the
Federal Labor Agency said. The number of unemployed rose by 10,000 in October,
following a revised 22,000 fall in September. Economists were expecting a
decline of 10,000 for October.
Meanwhile, a report from Markit Economics showed that Germany's factory sector
shrank less than estimated earlier in October. The Markit/BME Germany
Manufacturing Purchasing Managers' Index (PMI) fell to 49.1 from September's
50.3. The final reading came in better than the flash reading of 48.9.
Elsewhere, the prices of silver and platinum were recovering from recent losses in morning deals.
From the U.S., the ADP National Employment report is scheduled to be released at 8:15 a.m. ET Economists expect the private sector to have added 100,000 jobs in October following an addition of 91,000 jobs in September.
The Federal Open Market Committee is set to release its post-meeting policy statement at 12:15 p.m. ET following the conclusion of a 2-day meeting. Bernanke will host a press briefing at 2:30 a.m. ET.
Copyright RTT News/dpa-AFX
