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Gold prices ignore the sharp rise in US housing data



(Kitco News) – Gold prices remained under pressure, but showed, according to a report by the Department of Commerce, that US housing starts increased by 1

2.3% to a seasonally adjusted annual rate of 1.36 million. units rose last month.

Consensus forecasts created by most requested news organizations start at 1.25 million to 1.26 million units. The July count has been revised to 1.215 million units.

Meanwhile, the Department of Commerce announced that construction permits – important as an indicator of future construction activity – increased 7.7% to an annualized rate of 1.42 million last month. Economists expected a value of around 1.31 million.

Gold outperformed critical support at $ 1,500 an ounce as traders awaited the Federal Reserve's recent monetary policy decision, which will be released today. The economic data had little influence on the yellow metal. December gold futures were last traded at $ 1,511.6 an ounce, a decline of 0.12% per day.

According to some economists, the better than expected construction data is encouraging news for the housing sector, which has been experiencing problems for nearly a year.

"Lower interest rates seem to support the US real estate market," said Katherine Richter, senior economist at CIBC. "Single-family home construction appears to be more solid than in the second quarter, and further stimulation of permits granted for this category is a good indication of the housing prospects in the coming months."

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