Gold Below $1330 after Four Month High

Gold was becalmed on Thursday after a roller coaster trade in the previous session, with dealers expecting physical demand to resurface after prices dropped from their strongest level since October last year.

Spot gold was little changed at $1,330.00 an ounce by 0031 GMT. On Wednesday, it hit a four-month high at $1,345.35 before falling almost 1 percent on a dollar rally and surging U.S. home sales — its biggest one-day loss in nearly a month.

U.S. gold was at $1,330.10 an ounce, up $2.10.  Sales of new U.S. single-family homes surged to a 5-1/2-year high in January, but the bounce was likely to be short-lived amid signs of a broader weakness in the housing market.

CNBC

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