Gold Futures Prices Little Changed After Mixed U.S. Housing Reports

Gold Futures Prices Little Changed After Mixed U.S. Housing Reports

Gold futures prices were little changed on Tuesday, after data showed the US housing numbers were a mix, as building permits missed expectations, while housing starts rose sharply, painting a mixed picture of the economy and adding to uncertainty over the timing of a U.S. rate hike.

Gold for December delivery on the Comex tacked on $1.40, or 0.12%, to trade at $1,174.20 a troy ounce, while spot gold price is $1172 per ounce early in the U.S. morning session.

The United States Department of Commerce said housing starts increased by 6.5% to 1.206 million units last month total of 1,132 million units in August. Analysts had forecast a figure of 1,140 million.

The number of building permits issued declined by 5.0% to 1,103 million units of the total of 1,170 million in August. Analysts were expecting construction permits to drop 0.9% to 1.164 million units in July.

October is good for the precious metal, which has tripped above 5% since the beginning of the month. The prices of gold briefly pushed above $ 1,190 last week, its highest level since June. Why the sudden increase? Markets were seeking a rise in interest rates in September, but the Fed did not act and members of the FOMC follow to muddy the waters with conflicting statements on a rate hike.

Gold prices also on MCX were trading flat, Gold February contract was trading at Rs 27206 down Rs 9, or 0.03 percent.

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