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Gold cuts gains

Latest Update: July 20, 2016 | 216 Views
Gold

LONDON: Gold cut some earlier gains on Tuesday, as the dollar hit a four-month high after data showed a surge in US housing starts in June, although weaker equities provided support.

US homes surged 4.8 per cent to a seasonally adjusted annual pace of 1.19 million units, the Commerce Department said on Tuesday.

Spot gold was up 0.2pc at $1,328.62 an ounce by 1418 GMT, having earlier reached a session high of $1,334.88. US gold dropped 0.1pc to $1,328.70 an ounce.

Gold has risen almost 25pc this year, hitting its highest since March 2014 at $1,374.71 after Britain’s vote on the EU.

Prices have since retreated, hit by a series of positive US economic data, while uncertainty around the implications of the Brexit vote eased.

Silver fell 0.3pc to $19.96 an ounce, down for a fourth straight session. Platinum was down 0.2pc at $1,091 an ounce and palladium rose 0.8pc to $648.83 an ounce.

Reuters