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MTECHTIPS:-Gold hits session lows after housing data, FOMC statement eyed

Wednesday, March 18, 2015 4:42
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MTECHTIPS:-Gold hits session lows after housing data, FOMC statement eyed

 

Gold re-approached the lowest level in more than three months on Tuesday, after data showed that the number of housing starts issues in the U.S. fell sharply in February, while building permits topped expectations, painting a mixed picture of the U.S. housing sector. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery shed $4.00, or 0.35%, to trade at $1,149.20 a troy ounce during U.S. morning hours. Prices held in a range between $1,148.90 and $1,156.10. Futures were likely to find support at $1,146.50, the low from March 11, and resistance at $1,165.70, the high from March 12. The U.S. Commerce Department said that U.S. housing starts declined by 17.0% last month to 897,000 units from January’s total of 1.081 million units, worse than expectations for a decline of 2.4% to 1.049 million. The report also showed that the number of building permits issued last month increased by 3.0% to 1.092 million units from January’s total of 1.060 million. Analysts expected building permits to fall by 0.5% to 1.065 million units in February. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last at 99.84, down 0.3%, moving off a session low of 99.62.

 

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