Gold retained sharp overnight gains on Wednesday as disappointing U.S. housing data dented the dollar and supported the Federal Reserve's cautious stance on interest rates.

Spot gold  was little changed at $1,250.80 an ounce by 0039 GMT, following a 1.5 percent gain on Tuesday.

* U.S. housing starts fell more than expected in March and permits for future home construction hit a one-year low, suggesting some cooling in the housing market in line with signs of a sharp slowdown in economic growth in the first quarter.

 Gold is sensitive to rising interest rates, which lift the opportunity cost of holding non-yielding assets.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, slid 7.43 tonnes to 805.03 tonnes on Tuesday, the biggest drop in a month. Persistent outflows could undermine the rally in gold prices. 

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