Gold cheaper second consecutive day , as strong data on the U.S. housing market have strengthened confidence in the world 's largest economy and weakened demand for safe assets .

Data from the Ministry of Commerce showed that at the end of last month, the volume of housing starts rose again , thereby exceeded the forecasts of experts , which is a sign of recovery after winter deterioration.

According to the report , the seasonally adjusted bookmarks new housing rose in April by 13.2 % - to the level of 1.07 million units ( the highest value in the last five months). This sharp increase was due to a big jump multifamily housing buildings ( about 43 %). Construction of single-family housing , meanwhile, rose by only 0.8 %. Compared with last year, housing starts rose by 26.4% . It was also reported that the number of building permits in April increased by 8% compared with the previous month , reaching 1.08 million units. Economists forecast that the tabs homes increase to 980 000, and the number of permits will rise to 1.01 million units.

Recent results indicate that the builders anticipate improved prospects after the recession earlier in the year. Many economists in the housing industry and beyond also believe that the market will recover , albeit at a slower pace than other sectors of the economy.

The cost of the June gold futures on the COMEX today dropped to $ 1287.70 .