Gold Futures Declines After U.S. Building Permits, Dollar Dominates Metals

Gold Futures Declines After U.S. Building Permits, Dollar Dominates Metals

US gold futures remained lower on Tuesday after data showing the number of building permits issued in the United States increased considerably in May, while new homes started dropping, painting a mixed picture in the housing sector in the United States. The gold market by the dollar remains dominated.

On the Comex, gold futures delivery in August declined 0.6 percent to $1,178.20 an ounce.

The United States Department of Commerce, said the number of permits of construction last month rose 11.8% to 1.275 million units, the most since August 2007. Analysts had been expecting with construction permits falling by 3, 5% to 1.100 million units in May, total of 1.140 million in April.

The report also showed that housing starts in the United States tumbled 11.1% in May to 1.036 million total units of 1,165,000 units, worse than the expectations of a decline of 3.1% to 1.100 million in April.

The metal fallen the most in over a week too, since the budget turmoil in Greece led to the US dollar against the euro. Gold has a strong negative correlation with the Bloomberg Dollar Spot Index since December. When the greenback strengthens, it cuts demand for bullion as an alternative investment.

The dollar index, which measures the strength of the greenback versus a trade-weighted basket of six major currencies, grew by 0.4% to 95.45 early on Tuesday, moving away from overnight lows of 94.81.

The rupee closed at 64.25, the lowest since 6 September 2013, against US dollar.

At Multi Commodity Exchange, Gold futures  prices were trading flat on Tuesday. MCX Gold for delivery in October was trading at Rs 27,250 down Rs 16, or 0.06 percent.

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