Earlier today, the Shanghai Gold Exchanges said it will raise trading margins on its gold contracts to 12 percent from 11 percent effective August 26 and increase the daily trading limits to 9 percent from 7 percent.
Gold for December delivery, the most actively traded contract, eased $6.50 to $1,885.40, after hitting an intraday record peak of near $1,918 an ounce. Yesterday, gold extended its record, breaching above $1,900 amid lingering concerns over a global economic growth.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved down to 1,284.40 tons from 1,290.76 tons. Meanwhile, the U.S. dollar continued to pare its recent gains versus the euro and sterling, while ticking lower against the Swiss franc. The buck was drifting lower versus the yen.
In economic news, the euro zone private sector activity growth remained at a two-year low in August, Markit Economics said. The Flash Composite Output Index stayed at 51.1 in August. Economists had expected the index to fall to neutral 50 level.
Elsewhere, the prices of silver and platinum were moving lower in morning deals. In economic news from the U.S., the Commerce Department will come with its report on new home sales for the month of July. Economists expect the sales to edge up to 316,000 from 312,000 reported for June.
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