Gold settles near lowest this year as dollar rises

Gold futures fluctuated lower in a narrow range during the Asian session, to witness its lowest level since 18th of April, when it reached its lowest since December 27th, amid the positive stability of the dollar index according to the inverse relationship between them on the threshold of developments and economic data expected today by the US economy, the largest economy in the world.

As of 03:09 GMT, gold futures (June 15th delivery) fell 0.01% to currently trade at $1,276.80 per ounce, compared to the opening at $1,277.00 an ounce, while the US dollar index rose 0.02% to 97.30, compared to the opening at 97.28.

Investors are looking for the US economy to release the Housing Price Index, which may reflect a stable 0.4% growth, unchanged from January, while the new home sales index may drop 3.0% to 647,000 versus 4.9% at 667,000 in February, in conjunction with the Chicago PMI reading, which may show a 10-month widening stability.