Gold Eases Near $1,330 as USD Rises

Source:

"Traders will look to data on durable goods orders and home sales."

The price of gold moved down Wednesday morning as the U.S. dollar continued to recover from recent losses.

Gold for December delivery, the most actively traded contract, was down $6.90 to $1,331.70/oz.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,298.27 tons.

Meanwhile, the U.S. dollar was moving higher versus the euro and leveling off from its one-week low against sterling. The dollar gained strength amid speculation that a possible Federal Reserve quantitative easing measure that may be announced early November might disappoint markets.

The buck continued to recover from its 15-year low against the yen and was ticking higher versus the Swiss Franc.

Elsewhere, the price of silver edged down, while platinum ticked higher in morning deals.

Today, traders will look to the data on durable goods orders and new home sales from the U.S. due out later today.

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