Make Kitco Your Homepage

Gold price ticks down from daily highs on solid U.S. housing data

Kitco News

Editor note Get all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day's top stories directly to your inbox. Sign up here!

(Kitco News) Gold edged down following the release of the U.S. February housing data, which showed strong activity in housing starts and building permits.

U.S. housing starts rose 9.8% to a seasonally adjusted annual rate of 1.45 million units last month, the Commerce Department said on Thursday.

Consensus forecasts were calling for starts to drop to 1.31 million. January’s data was revised up to 1.321 million units. For the year, housing starts were down 18.4%.

At the same time, building permits, which are a precursor to future projects, were up 13.8% at 1.524 million in February after January’s unrevised total of 1.339 million. Consensus calls were expecting 1.34 million units. For the year, building permits dropped 17.9% from the January 2022 levels.

Gold ticked down from daily highs, but remained steady. April Comex gold futures were last trading at $1,931.80 an ounce, flat on the day.

Live 24 hours gold chart [Kitco Inc.]

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.