GOLD MARKET UPDATE NEWS

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

 

U.S. homes surged 4.8 % to a seasonally adjusted annual pace of 1.19 million units, the Commerce Department said on Tuesday.

 

 The recent rally in global equity prices faltered as investors pondered some disappointing earnings reports and signs that Britain's decision to leave the EU could hurt other economies. 

 

Spot gold was up 0.2% at $1,331.10 an ounce by 3:25 p.m. EDT (1925 GMT), off a session high of $1,334.88. U.S. gold settled up 0.2 % at $1,332.3 per ounce. 

 

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

 

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, firmed on Monday. 

 

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