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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