CHICAGO, May 17 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday as the U.S. dollar strengthened.
The most active gold contract for June delivery fell 8.10 U.S. dollars, or 0.41 percent, to close at 1,984.90 dollars per ounce.
While inflation continues to fall, market expectations for another rate hike by the Federal Reserve at its June meeting have been rising in recent days, sending gold into correction.
The U.S. Commerce Department reported Wednesday that U.S. housing starts jumped by 2.2 percent to an annual rate of 1.401 million in April after plunging by 4.5 percent to a revised rate of 1.371 million in March. Economists had expected housing starts to drop to an annual rate of 1.405 million from the 1.420 million originally reported for the previous month.
Investors are waiting for the minutes of the May meeting of the Federal Open Market Committee due out next Wednesday, the gross domestic product figure on Thursday, and key inflation data on Friday.
Silver for July delivery rose 0.40 cents, or 0.02 percent, to close at 23.897 dollars per ounce. Platinum for July delivery rose 15.70 dollars, or 1.47 percent, to close at 1,082.60 dollars per ounce. ■