Gold Extends Gains Wednesday Morning

Gold moved to another weekly high early Wednesday morning on news from a recent batch of upbeat economic data both in the US and in the Euro Zone. This follows the 1% gain that gold had yesterday on a lower dollar.

Dec 21, 2011

( - The price of gold moved back to a weekly high Wednesday morning taking cues from the recent batch of upbeat economic data from both sides of the Atlantic.

Gold for February delivery, the most actively traded contract, added $8.70 to $1,626.30 an ounce. Yesterday, gold moved up over 1 percent as the U.S. dollar pared some recent gains.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,279.98 tons.

Meanwhile, the U.S. dollar continued to level off from its recent highs versus a basket of currencies. The buck slipped back near a weekly-low versus the euro and the Swiss franc, while dipping to a 2-week low against sterling and trading flat versus the yen

In economic news from the euro zone, the European Central Bank allotted EUR 489.191 billion in three-year loans to banks in its long term refinancing operation held on Wednesday. The figure exceeded economists' expectations for allotment up to EUR 300 billion.

The Bank of England's policy making body was unanimous in deciding to maintain status quo in December, the minutes of the final rate-setting session of the year revealed today.

Elsewhere, the prices of silver and platinum were moving higher in morning deals.

From the U.S., the National Association of Realtors will release its report on existing home sales for November at 10 a.m. ET. Economists estimate existing home sales of 5.08 million units for the month compared to a seasonally adjusted rate of 4.90 million units in October.

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