Gold Prices Near Peaks After Soft U.S. Housing Market Data

Gold prices climbed close to daily highs after the U.S. housing market posted weaker results. Commerce Department data showed housing starts fell 2.6% in July to a 1.275 million annual rate, missing the 1.310 million forecast, while the prior figure was revised down to 1.309 million.

Building permits declined 2.7% in August to 1.394 million, below expectations of 1.410 million. The housing sector, a major GDP contributor, remains pressured by elevated prices and mortgage rates tied to the Federal Reserve’s tightening cycle.

Spot gold last traded at $4,363.56 per ounce, up 2.34% on the day.