Precious-Gold extended its drop for a second straight session on Thursday after a report showing new home sales in the U.S. leaped to a five-year high.
A report released yesterday showed that U.S. new home sales soared to 468,000 in January from a revised of 427,000, beating forecasts of 400,000.
The data restored some confidence about the pace of economic recovery after a parade of dismal reports, which ignited fears that recovery in the world’s biggest economy may be faltering.
Later in the day, investors will focus on U.S. durable goods orders for January and initial jobless claims for the week through February 22.
Despite the drop from 17-week high, gold is probably heading for its second consecutive monthly advance in February, marking its longest run since August.
Meanwhile, the yellow metal is trading around $1326.09 an ounce after hitting a high of $1331.00 and a low of $1325.03.
The metal’s rally was stopped after facing tough resistance at $1345 levels, where a breach to this level is needed to guarantee the continuation of the metal’s recent gains.
The U.S. dollar resumed its rebound on Thursday against a basket of major currencies to hover around 80.50 after opening at 80.42, according to the dollar index.
Crude oil for April’s delivery slipped to trade around $102.21 a barrel after setting a high of $102.56.