Gold
fell on Tuesday, as the dollar rebounded following upbeat U.S. housing
data that supported views of a looming interest rate increase by the
Federal Reserve, while silver tumbled on the heels of falling copper
prices.
U.S.
housing starts rose to a near eight-year high in July as builders
ramped up construction of single-family homes, suggesting that the
economy was firing on almost all cylinders.
Spot
gold was down 0.1 percent at $1,116.73 an ounce by 3:19 p.m. after
falling as much as 0.7 percent. U.S. gold for December delivery settled
down 0.1 percent at $1,116.90 an ounce.
Spot
silver was the worst-performing precious metal, dropping as much as 4
percent to $14.70 an ounce, its biggest tumble since July 7. It was
pressured by a six-year low in copper prices as worries about weak
demand growth from top consumer China were reinforced by tumbling equity
prices in Shanghai.
Spot palladium fell by as much as 3.8 percent to $588.75 an ounce, the lowest since Aug. 4.
The
dollar traded up 0.2 percent against a basket of leading currencies,
while European shares were mixed and U.S. stocks were lower, following a
6 percent slump in Chinese markets. Platinum fell 0.5 percent to $989
an ounce.
Source: Bloomberg
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