Gold grips gains tightly following mixed U.S. housing data

Discussion in 'Metals' started by Profiforex_Victory, Oct 19, 2016.

  1. Profiforex_Victory

    Profiforex_Victory Новичок

    Gold prices didn't let go of its solid gains today. This happens in face of mixed data coming from the U.S. on data. This data however did much to heap pressure on the US dollar.

    Gold for December delivery on the Comex division of the New York Mercantile Exchange had traded at $1,271.85 for a troy ounce. This marks an increase of $9.05 amounting to an increase of 0.7%. U.S. housing reading had dropped down to a low of over fourteen months for last month September. But then a leap in construction of single-family homes had reduced fears of a growing weakness in the US housing market.

    The Commerce Department had today announced that U.S. housing starts contrary to expectations had declined. The data went down by 9.0% falling to 1.047 million units last month. This was very far from forecast of an increase of 2.5%.

    The dollar however maintains its position below highs of seven-month against its main rival currencies.

Share This Page