Gold prices moved higher in early European trade today
Gold prices moved higher in early European trade today, helped by a weaker dollar, but investors awaited key US data for clearer market direction.
Spot gold rose to $637,50/638,50 an ounce in early trade from $635,70/636,70 in New York late yesterday, when it fell more than $3 after stronger-than-expected third-quarter US economic growth pushed up the dollar.
"The threat of oil-driven inflation and bearish sentiment towards the dollar will continue to draw investors towards gold," said James Moore, metals analyst at TheBullionDesk.com.
The dollar slipped today ahead of another round of US indicators. The euro rose to $1,3193 from about $1,3155 in late US trade yesterday, when it hit a fresh 20-month high of $1,3218.