(Kitco News) - Gold prices are trading near session lows under $4,400 per ounce this morning after the latest data showed the U.S. housing market delivering a mixed performance last month.
Housing starts fell 12.4% in July to a seasonally adjusted annual rate of 1.239 million units, the Commerce Department announced on Tuesday. The data was worse than expected as economists looked for a decrease to 1.350 million units. June’s number was also revised to 1.415 million units from 1.427 million units.
The report said that building permits for future homebuilding rose 5.0% to a rate of 1.443 million in July, which was better than the consensus expectation for 1.370 million permits, and June's figure was unrevised at 1.374 million.
Gold prices were trading near session lows just below $4,400 per ounce in the minutes before the 8:30 am ET housing data. Spot gold last traded at $4,394.24 per ounce for a loss of 0.51% on the daily chart.
The U.S. housing sector contributes significantly to the nation's Gross Domestic Product, and it has been a significant drag on the economy as persistent higher prices and elevated mortgage rates resulting from the Federal Reserve's aggressive tightening cycle have pushed many new home buyers out of the market.
