WASHINGTON (dpa-AFX) - Gold prices inched higher Monday, trimming recent losses on safe haven demand. U.S. stocks turned in another rough performance, helping gold find its footing after big losses in the previous session.
August gold settled at $1,280.10/oz, up $1.60, or 0.1%.
Markets have been spooked by trade tensions between the U.S. and its largest partners, including China and Canada.
However, gold has had limited appeal due to a strong U.S. dollar and expectations the Federal Reserve will raise interest rates faster than expected.
The National Association of Home Builders released a report on Monday unexpectedly showing a deterioration in U.S. homebuilder confidence in the month of June.
The report said the NAHB/Wells Fargo Housing Market Index dipped to 68 in June from 70 in May. Economists had expected the index to come in unchanged.
'Builders are increasingly concerned that tariffs placed on Canadian lumber and other imported products are hurting housing affordability,' said NAHB Chairman Randy Noel.
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