Make Kitco Your Homepage

News Bites

Gold price ticks down and trades below $1,990 on mixed 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. April housing data, which showed mixed activity in housing starts and building permits.

U.S. housing starts rose 2.2% to a seasonally adjusted annual rate of 1.401 million units last month, the Commerce Department said on Wednesday. Consensus forecasts were calling for starts to come in at 1.4 million. March’s data was revised down to 1.371 million units. For the year, housing starts were down 22.3%.

At the same time, building permits, which are a precursor to future projects, were down 1.5% at 1.416 million units in April after March’s upwardly revised total of 1.437 million. Consensus calls were expecting 1.437 million units last month. For the year, building permits dropped 21.1% from the April 2022 levels.

Gold ticked down close to daily lows following the data release, with June Comex gold futures last trading at $1,986.60, down 0.32% on the day.

Live 24 hours gold chart [Kitco Inc.]

By

Anna Golubova

For Kitco News

Contact agolubova@kitco.com
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.