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Gold picks up after downbeat U.S. housing data

Publish Date16/08/2012 01:58:37 PM

Last Update16/08/2012 02:00:13 PM

Gold picks up after downbeat U.S. housing data

Pressures once again ease on the yellow precious metal against as the dollar fell after a two-day advance amid an unexpected economic reports from the world`s largest economy.

Gold recapped morning lossess on Thursday after more Americans filed for unemployment insurances last weerk and housing starts dropped unexpectedly in July.

spot gold rose to $1,607 an ounce at 16:33 GMT+3, after the metal recorded a session high of $1,608.74 following the U.S. economic releases that signaled further weakness.

Jobless claims in the U.S. rose slightly to 366 thousand in the week ended august 11, comapred with a revised 364 thousand a week ago, missing analysts` median estimate only by 1 thousand.

Continuing Claims eased to 3305 thousand in the week ended August 4, from a revised 3336 thousand a week earlier, topping median forecast of 3300 thousand.

U.S. housing starts dropped unexpectedly by 1.1 percent to seasonally adjusted rate of 746 thousand in July, from revised 754 thousand in June, trailing median foreast of 756 thousand.

Building permits, which gives an insight to construction outlook for the next six months, rose sharply by 6.8 percent to 812 thousand, from revised 760 thousand and 769 thousand expected.

The dollar was backed so far by fading hopes of additional moentary easing from the Federal Reserve to revive an economy that looks to be adding a little bit of steam this quarter.

Retail sales rose for the first time in four months in July. Consumer inflation was flat for the second staight month and annual inflation growth was the slowest since November 2010.

Stimulus hopes reignited after manufacturing in the New york region shrank fo the first time since October 2010, however hopes faded after industrial production grew unexpectedly in July.

The dollar Index, which tracks the greenback against a six-currency basket including the euro, pound and Japanese yen, dropped from a one-week high of 82.88 to trade around 82.50.

At 10:00 EST, The Federal Reserve Bank of Philadelphia will release its manufacturing survey, which economists expect general business conditions to notch a level of -5.0 in August, compared to -12.9 recorded a month ago.

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