Gold Price Inches Up As Housing Improves

New York (Oct 20)  Gold futures were slightly higher Tuesday, even as strong US housing data raised speculation the Federal Reserve will hike interest rates in December.

Housing starts in the US rose more than expected in the month of September, according to a report released by the  Commerce Department  on Tuesday. The report said housing starts climbed 6.5% to an annual rate of 1.206 million in September.

Elsewhere, the Bank of  England  should consider to begin interest rate hikes now if it wants to proceed with the tightening cycle only gradually to reduce the impact on households and businesses, policymaker  Ian McCafferty  said on Tuesday.

Source: AllianceNews