Gold Futures Creep Ahead

Ambiguous news on the housing market and official statements out of China regarding its foreign reserves gave gold a minor boost Tuesday.

Contracts for April delivery of bullion added $4.70 to close at $659 an ounce on the Comex division of the Nymex. The bullion exchange-traded funds that hold inventories of the metal, streetTracks Gold Shares(GLD Quote) and iShares Comex Gold Trust (IAU Quote), were up 0.8% and 0.5% recently.

The Commerce Department reported a bigger-than-forecast jump in housing starts for February, following particularly poor figures in January. At the same time, the number of new permits issued fell more than expected and perhaps augur further weakness ahead. ...