Housing data, including starts and existing home sales, are expected later this week. Inflation statistics were also due out. Improving housing data could knock back gold prices, which often react negatively to better economic data. Inflation has held relatively steady in recent years, despite the Fed's massive monetary stimulus programs since the Great Recession. A significant move up would make gold an appealing inflation hedge.
Gold mining stocks were mostly lower on Tuesday. Shares of
(GFI - Get Report) were losing 2.7%, and shares of
(RGLD - Get Report) were off 2.3%.
Among volume leaders,
(ABX - Get Report) was slipping 0.28%.
Gold ETFs were trading lower on high volume.
SPDR Gold Trust
(GLD) was dipping 0.26%, while
iShares Gold Trust
(IAU) was decreasing 0.31%.
-- Written by Joe Deaux in New York.