(RTTNews) - The price of gold edged up Monday morning, shrugging off rumors that Europe will use its gold reserves to help the debt-laden euro zone countries.
Gold for April delivery was up $4.50 to $1,106.20 an ounce. The price of gold has been on slippery path after hitting a multi-week high of near $1,145 in early March.
German magazine, Focus reported Saturday that the Finance Ministry was considering using the euro zone gold reserves to back a European Monetary Fund.
Meanwhile, the U.S. dollar was strengthening against a basket of currencies, with particular gains versus the British pound and the euro. The British pound weakened after comments from Kate Barker indicated another negative quarterly gross domestic product in the UK.
Elsewhere, the prices of silver and platinum were also moving higher in morning deals.
