Gold Falls to $1,280 an Ounce on US Economic Data

Today, spot gold prices fell 0.7 percent to trade at $1,280 per ounce, according to Reuters. Meanwhile, US gold futures for June delivery were down $12 an ounce, to $1,276.

A stabilizing US housing market is expected, and rising housing prices will play into gold’s near future, according to the publication.

Thomas Capalbo, Newedge precious metals trader, told Reuters, ”[i]f those numbers come out better than expected or show continued improvement in the U.S. economy, you should start looking at the $1,250 area as the next support level for gold.”