Gold Futures Fall; Euro Ticks Higher

Benchmark gold futures are losing $9.70 at $917.10 an ounce.
By Simon Constable ,

Gold prices were slipping Tuesday, weighed down by further news of the worsening housing market in the U.S.

Benchmark gold futures were losing $9.70 at $917.10 an ounce in recent action on the Comex division of the New York Mercantile Exchange.

The

streetTracks Gold Shares

(GLD) - Get Report

and the

iShares Comex Gold Trust

(IAU) - Get Report

were down around 1.2%.

The action came after the National Association of Realtors said pending home sales slid dramatically in February. Gold investors often buy bullion as a hedge against economic uncertainty, and the news of continued turmoil in the residential real estate sector only adds to the feeling of insecurity.

In the precious metals patch, shares of

Golden Star Resources

(GSS) - Get Report

and

Iamgold

(IAG) - Get Report

were losing 1.5%.

Among currencies, the British pound was on the slide, with one pound trading for $1.9694, down from $1.9857 previously.

One euro was buying $1.5716 vs. $1.5708 Monday. The dollar was worth 102.36 Japanese yen, down slightly from 102.42 yen a day ago.

The

CurrencyShares British Pound Sterling

(FXB) - Get Report

was down about 0.9%. The

CurrencyShares Euro Trust

(FXE) - Get Report

and the

CurrencyShares Japanese Yen Trust

(FXY) - Get Report

were both ahead less than 0.1%.

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