Gold prices remain stable as U.S. housing construction struggles
Gold prices remain steady above $2,000 despite a 0.8% fall in US housing construction in March, down 17.2% for the year. The ongoing weakness in the housing sector is attributed to the Federal Reserve's aggressive monetary policy stance, which has driven mortgage rates higher. The gold market is not seeing much reaction to the latest economic data as investors and traders continue to bargain hunt in the marketplaces after prices briefly dropped below $2,000 an ounce Monday. Construction permits for future homebuilding fell more than expected, dropping 8.8% to a rate of 1.412 million units in March.