Gold Hits Lowest Since 2010, After Mixed U.S. Housing Data

Gold Hits Lowest Since 2010, After Mixed U.S. Housing Data

The prices of gold dropped to their lowest level in nearly five and a half year on Wednesday, after data demonstrated that the number of housing starts in the US issued dropped in October, while construction permits rose longer than expected, painting a mixed picture of the US housing sector. Besides the dollar gained and investors prepared for the first US interest rate hike in nearly a decade next month.

Gold for December delivery on the Comex fell to $1,062.00 a troy ounce.

Spot gold was down 0.20 per cent at $1,068.6 an ounce after falling to $1,064.95 earlier in the day, the lowest since February 2010. In India, spot gold prices hovered around Rs. 25,100 per 10 gram on Wednesday.

The United States Department of Commerce said housing starts to dropped 11% to 1.060 million units last month total of 1,191 million units in September. Analysts had been expecting a decrease of 3.9% to 1.160 million.

In the meantime, the number for construction licenses rose 4.1% to 1.150 million units total of 1.105 million in September, in line with market expectations.

Investors are now looking forward to minutes from the last meeting of the Federal Reserve ‘s policy due at 2:00 pm on Wednesday for more clues about the likelihood of a rate hike in December.

The price of gold collapses by Rs Tuesday. 450 to trade nearly four-month low of Rs. 25,700 per 10 grams in the Delhi bullion market, tracking subdued world trend amid the lawsuit filed by jewelers and retailers.

Bullion prices have dropped in 15 of the 16 sessions under the stress of expectations that the US Federal Reserve is set to raise interest rates next month.

For Commodity Market Tips, MCX Live Tips, Gold-Silver Prices and trading market latest news & updates  with 100McxTips, follow us on Twitter @100mcxtips and Like on Facebook.  And to contact the reporter on this story email at or Call: +91-761-4012307

Commodity Tips Free


MCX Commodity Tips is an experienced Commodity Research Advisory to predict investors buying and trading trends at various market environments. For free trial advisory on commodity Gold, Silver, Crude, Copper and all Indian Commodities kindly visit us and submit an query form at commodity free trial tips here.

Posted in Commodity, MCX, Stocks Market

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

Free Crude Oil Tips
Free Trial Crude Trading Tips
Contact & Visit Info
M-Sat : 10am - 7pm

Error: Twitter did not respond. Please wait a few minutes and refresh this page.

NG Trading Tips
Free Trial Commodity Tips
Disclaimer: 100McxTIps would like to remind you that the data contained in this website is not necessarily real-time nor accurate. Bulloin Futures prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore 100McxTips doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .
%d bloggers like this: