Gold Futures Fall; Euro Ticks Higher
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%.