Gold Eases Back Near $1,700

(RTTNews.com) - The price of gold was moving lower for the first time in four sessions Monday morning amid a generally strong U.S. dollar.

Gold for April delivery, the most actively traded contract, lost $6.80 to $1,704.70 an ounce. Last week, gold ended flat on global cues as positive U.S. employment report lifted commodities and equity markets. Gold prices during the week were impacted by inflation concerns on a new bond buying program reportedly being considered by the U.S Federal Reserve.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,293.68 tons.

This morning, the U.S. dollar moved back near a monthly high versus the euro and sterling, while ticking lower against the Swiss franc and the yen.

The euro fell against the dollar and yen in Asian trading as Fitch Ratings downgraded Greece to 'restricted default' and the International Swaps and Derivatives Association panel resolved unanimously that a Restructuring Credit Event has occurred with respect to Greece

In economic news, German wholesale price annual inflation slowed as expected to 2.6 percent in February from 3 percent in January, the Federal Statistical Office said. On a monthly basis, wholesale prices climbed only 1 percent after rising 1.2 percent in January. The rate matched consensus forecast.

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

sources(www.nasdaq.com)