Gold Prices Decline $2 After U.S. Housing Data

Gold Prices Decline $2 After U.S. Housing Data

The prices of gold dropped on Tuesday after data showed as the number of housing starts in the US issued went up to its highest level since October 2007 last month, support in the case of higher interest rates.

On the Comex Gold futures December delivery dipped $2.10, or 0.19%, to trade at $1,116.30 a troy ounce.

Gold rose 0.09 per cent to $1,118.40 an ounce in London, Singapore.

The United States Department of Commerce, said housing starts in the US rose 0.2% to 1.206 million units total 1,204,000 units in June. Analysts were expecting a figure of 1,190 million.

In the meantime, the number of permits of construction last month fell 16.3% to 1,119,000 units totaling 1,337 million in June. Analysts were expecting construction permits to drop 8.0% to 1.232 million units in July.

The most optimistic data should strengthen expectations of a rise in interest rates by the Federal Reserve early next month.

Market participants looked forward to the Fed minutes Wednesday for clarity about their plans to raise interest rates in the short term, for the first time since 2006.

Analysts attributed the decline in precious metal futures trade in order to profit taking by speculators, but a better trend in the global marketplace, limit losses.

Gold for delivery in October contract was trading lower by Rs 40, or 0.15 per cent, at Rs 25,992 per 10 gram at Multi Commodity Exchange.

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