Gold Slips Amid Firm Dollar

(RTTNews) - The price of gold was moving lower Thursday morning, with the US dollar recovering from recent losses versus a basket of currencies following the U.S. Federal Reserve policy meet outcome.

Gold for December delivery, the most actively traded contract, lost $13.70 to $1,335.60 an ounce. Yesterday, gold settled higher with the dollar trending lower on some soft private jobs data and ahead of the Fed policy meet outcome later in the day. Investors remained confident the Fed would refrain from any cut to its quantitative easing program, and expects the central bank to maintain the pace of buying at the current level.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 872.02 tons.

Meanwhile, the U.S. dollar was paring its recent losses against the euro, sterling, Swiss franc and the yen

In economic news, Germany's forward-looking consumer confidence index declined unexpectedly heading into November, a survey by market research group GfK revealed. The confidence index edged down to 7 in November from 7.1 in October. Economists expected an increase to 7.2.

Germany's retail sales unexpectedly declined for a second straight month in September, data released by Destatis showed on. Retail sales dropped a calendar-and-seasonally-adjusted 0.4 percent month-on-month, while economists' consensus was a 0.4 percent gain. In August, sales fell 0.2 percent.

Meanwhile, euro zone inflation slowed unexpectedly in October largely due to a notable fall in energy prices, official data showed. Inflation fell to 0.7 percent in October from 1.1 percent in September, flash estimate published by Eurostat revealed. The rate was expected to stay unchanged at 1.1 percent in October.

Elsewhere, the prices of silver and platinum were trading weak in morning deals.

From the U.S., the Labor Department is scheduled to release its jobless claims report for the week ended October 26 at 8:30 am ET. The consensus estimates call for claims to have declined to 335,000 from 350,000 in the previous week.