Gold prices edged higher for a fourth successive session on Monday as the dollar weakened against major currencies amid concerns about global economic growth.
The dollar eased on Federal Reserve Vice Chairman Richard Clarida's comments that the Fed is getting closer to a neutral level of interest rates and that the bank should be data-dependent on future rate hikes.
Dallas Federal Reserve President Robert Kaplan too voiced concerns about global growth. He said a slowdown in global economy could spill over to the United States.
Meanwhile, there were conflicting signals on U.S.-China trade issues. President Donald Trump said on Friday that China wants to make a deal on trade with U.S. He also said that any pact has to be reciprocal. However, U.S. Vice President Mike Spence said that the U.S. would not back down from its dispute until China changes its ways.
Uncertainty about Brexit and data from the National Association of Home Builders (NAHB) that showed a sharp drop in U.S. homebuilder confidence in the month of November contributed as well to gold's uptick.
The dollar index eased to around 96.00, losing more than 0.3%.
Gold futures for December ended up $2.30, or 0.2%, at $1,225.30 an ounce, extending gains to a fourth straight session. On Friday, gold futures settled at $1,223.00, gaining $8.00, or 0.7%.
Silver futures for December ended up $0.021. at $14.403.00 an ounce.
Copper futures for December ended up $0.0005, at $2.7990 per pound.
The NAHB/Wells Fargo Housing Market Index plunged to 60 in November, after inching up by one point to 68 in October. Economists had expected the index to edge down to 67. The reading was the lowest level since it hit 59 in August 2016.
The component measuring current sales conditions also tumbled to 67 in November from 74 in October, while the metric charting buyer traffic registered an eight-point slump to 45 from 53.
Markets now look ahead to a report on new residential construction in the month of October. Housing starts are expected to climb to an annual rate of 1.225 million in October, after tumbling by 5.3% to a rate of 1.201 million in September.
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