On Tuesday gold futures were little changed, after data indicated the number of housing starts issued in the U.S. rose more than expected in September, while building permits fell more than forecast, providing a blurred picture of the economy and adding to uncertainty over the timing of a U.S. rate hike.
Comex gold for December delivery added 0.03%, to trade at $1,173.10 a troy ounce during U.S. morning hours, while Comex silver for December delivery was up 0.06% to trade at $15.850.
Yesterday gold lost $10.30, or 0.87%, on bets the Federal Reserve could still raise U.S. rates this year.
The U.S. Commerce Department said that housing starts rose 6.5% to 1.206 million units last month from August’s total of 1.132 million units, while analysts had expected 1.140 million.
The number of building permits released dropped by 5.0% to 1.103 million units from August’s total of 1.170 million. Economists expected building permits to fall by 0.9% to 1.164 million units in July.
Market players have been trying to calculate when the Fed will increase interest rates for the first time in nearly a decade after recent economic reports offered a mixed picture of the U.S. economic growth.
The yellow metal surged to a four-month peak of $1,191.70 last week amid speculation the Fed will not raise rates until sometime next year, with weak economic reports on retail sales and manufacturing activity feeding that view.
However, positive inflation data and upbeat consumer sentiment released at the end of last week prompted investors to rethink whether Fed policymakers will wait until next year to hike rates.
Credit: mql5.com
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