Gold Stays Under Pressure as US Housing Starts Jump 19% in June

Gold prices remain below the $4,000 per ounce threshold, failing to draw notable safe-haven interest despite uncertainties in the US housing sector that could weigh on economic activity through the second half of the year.

Housing starts surged 19% in June to an annualized rate of 1.47 million units, beating forecasts of 1.31 million, while building permits slipped 3% to 1.37 million, pointing to a potentially limited recovery ahead. Year-over-year, starts rose 3.5% and permits declined 2.4%.

Spot gold last traded at $3,966.60, down 0.22%, as markets overlooked the data. The housing sector, accounting for 16% of GDP, struggles with elevated prices and mortgage rates, with the Fed expected to raise rates amid persistent inflation.