Weaker US Housing Data Boosts Gold Prices Near Session Highs

The US housing market showed a weaker-than-expected performance in August, with housing starts falling 2.6% to a seasonally adjusted annual rate of 1.275 million units.

The data from the Commerce Department was worse than economists' expectations for a rise to 1.310 million units. July's number was revised down to 1.309 million units.

Building permits for future homebuilding also fell 2.7% to a rate of 1.394 million in August, missing consensus expectations of 1.410 million permits. July's figure remained unchanged at 1.433 million.

The gold price responded positively to the news, trading near session highs and reaching $4,363.56 per ounce for a gain of 2.34% on the daily chart.