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Gold price holding on to gains following 3.9% rise in U.S. housing starts

Seattle, Portland, San Francisco
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According to the Commerce Department, housing starts ↑ 3.9% to a seasonally adjusted annual rate of 1.615M units this August. The gold market is not seeing much reaction to the latest economic data; however, prices have fallen from their session highs. Economists expected the pace of construction to remain unchanged at 1.55M units, ↑ > 17% annually. In the gold market, prices have cooled. December gold futures last traded at $1,772 oz., ↑ 0.46% on the day. Building permits ↑ 6% at 1.728M in August, ↑ > 13% YoY, meaning further growth in the housing sector. The same housing starts levels are expected in 2022, as rates drop worked to support homebuying intentions, and the demand should also be supported.

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