Gold prices fall on strong dollar, U.S. housing data ahead of Fed Powell’s testimony

Gold futures fell Tuesday, pressured by U.S. dollar strength after strong U.S. May housing starts and building permits data, as homebuilders ramped up building single-family homes to meet strong demand from buyers, while investors looked ahead to testimony by Federal Reserve Chairman Jerome Powell starting Wednesday.

Price action

Market drivers

Gold prices were lower Tuesday as traders assessed the U.S. May housing data that topped estimates.


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