WASHINGTON (dpa-AFX) - The price of gold was moving higher Thursday morning on bargain hunting after prices fell to a 10-month low in the previous session.
Meanwhile a release from the World Gold Council revealed that demand for gold eased 5 percent to 1,097.60 tons in the first quarter of 2012 on an year-over-year basis as reduced demand from the jewelry, technology and official sectors more than offset growth in gold investment demand, the council pointed out.
Gold for June delivery, the most actively traded contract, gained $11.30 to 1,547.90 an ounce. Yesterday, gold ended sharply lower for a fourth straight session to settle at a 10-month low, with the dollar continuing to rise as investors shunned risk assets even as Greece's financial troubles seem to grow. Gold prices dived with continued sell-off in commodities linked to the crisis in Greece.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, edged down to 1,276.60 tons from 1,277.11 tons.
This morning, the U.S. dollar was steady near its 4-month high versus the euro and near its one -month high against sterling. The buck was leveling off from its monthly low versus the yen, while trading flat against the Swiss franc.
Elsewhere, the prices of silver and platinum were moving higher in morning deals.
From the U.S., the Labor Department will come with its weekly jobless claims data at 8.30 a.m ET. Economists expect claims to decline to 365,000 in the recent reporting week from 367,000 in the previous week.
Copyright RTT News/dpa-AFX