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U.S. housing construction rises 6.8% in February, gold price sees little change

Neils Christensen

Kitco News

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(Kitco News) - Better-than-expected data in the U.S. housing market is having little impact on gold prices as the precious metal trades in positive territory holding overnight gains.

Housing starts rose 6.8% to a seasonally adjusted annual rate of 1.769 million units last month, the Commerce Department said Thursday. The data beat expectations; according to consensus forecasts, economists expected relatively stable activity at 1.70 million units.

The report said that new home construction is up more than 22% compared to Februyary 2021.

Meanwhile, building permits, a precursor to future projects, fell 1.9% to 1.859 million in September, down from January's revised total of 1.895 million. According to consensus estimates, the drop in building permits was in line with expectations.For the year, building permits are up 7.7%

The gold market is holding in strong gains as it ignores the positive economic data. April gold futures last traded at $1,941.20 an ounce, up 1.67% on the day.

Gold price down but not out as Federal Reserve starts tightening cycle and lowers 2022 growth forecast and raises inflation expectations
By Neils Christensen

For Kitco News

Contact nchristensen@kitco.com
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