Gold lingers at nine month high

Published on Jan 20, 2023 11:40

Gold prices are hovering at a nine month high on Friday as dollar remained under pressure as data from the US continued to show that the U.S. economy was slowing down amid hefty interest rate hikes from the Federal Reserve. Data showed overall housing starts declined 1.4% to a rate of 1.382 million units last month. Building permits dropped as well, down 1.6% to a rate of 1.330 million units. The dollar index, which measures the U.S. currency`s value against a basket of peers, was lingering below 102 mark. Meanwhile, COMEX gold futures were quoting higher by 0.34% at $1930.40 an ounce, its highest level since April last year.