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Gold Stems The Bleeding

Wed, 16th May 2018 20:37

WASHINGTON (Alliance News) - Gold prices were flat Wednesday as US stocks recovered early losses.

June gold settled at USD1,291.50/oz, up USD1.20, or less than 0.1%.

Gold fell sharply earlier in the week, tumbling to a 5-month low amid speculation the Federal Reserve will raise interest rates in June.

A stronger dollar also dented gold prices.

New residential construction in the US pulled back by much more than anticipated in the month of April, according to a report released by the Commerce Department on Wednesday.

The report said housing starts plunged by 3.7% to an annual rate of 1.287 million in April after jumping by 3.6% to an upwardly revised 1.336 million in March.

The Federal Reserve said industrial production climbed by 0.7% in April, matching the upwardly revised increase in March.

Copyright RTT News/dpa-AFX

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