Gold Trims Loss After U.S. Dec. Housing Starts Fall To 1.078 Million Units
(Kitco News) - Gold pared early losses after a Commerce Department report showing that U.S. December housing starts fell by 11.2% to a seasonally adjusted annual rate of 1.078 million units. Spot gold was last down 70 cents to $1,326.40 an ounce.
Consensus forecasts compiled by most news organizations called for starts to be around 1.25 million to 1.26 million units. The November tally of 1.214 million was revised down from the previously reported 1.256 million.
Meanwhile, the Commerce Department said the tally of building permits – important as an indicator of future construction activity – fell by 0.3% in December to an annualized rate of 1.326 million.
The December report was delayed by the five-week U.S. government shutdown that began in late December.