Gold prices rose significantly

Gold prices rose nearly 2 percent by updating the April, which was caused by the widespread weakening of the US dollar after the release of weak housing data.

"One of the reasons for today's dynamics is the weakening of the dollar. Another reason is that strong demand for silver in Shanghai also has caused the growth of gold purchases, "- said the expert of Lee Cheong Gold Dealers Ronald Leung.

The Commerce Department said that the establishment of new homes in the US fell more than expected in March, while the number of building permits reached a one-year low, suggesting a cooling of the housing market. Bookmarks new homes fell by 8.8 percent to a seasonally adjusted annual rate reached 1.09 million units, the lowest level since October. February data were revised to a level of 1.19 million units, compared with earlier estimates of 1.18 million units. Economists had forecast that the bookmarks of new homes will fall to 1170 thousand. Units last month. The fall in the last month pointed to a slowdown in the property market. Nevertheless, the fundamental indicators of the housing market remain strong amid growing labor market. Last month, bookmarks single-family homes, the largest segment of the market, fell by 9.2 percent to 764,000 units, the lowest since October. Building permits fell 7.7 percent to 1.09 million units last month, the lowest level since March last year.

World stocks rose on Tuesday, but it did not dampen the demand for gold, which is often seen as a hedge against risk.

Traders are also watching the comments of officials of the Federal Reserve System, to assess the prospects for US monetary policy. Earlier today the President of the New York Fed, William Dudley said that the economic conditions in the US, "mainly favorable," but the Fed should be cautious when raising interest rates. Boston Fed President Eric Rosengren, however, said the Fed could raise rates faster than currently expected by investors. "Gold is likely to continue to rise in price in the second quarter, because the dollar will remain relatively weak due to the revision of the expectations of the Fed raising interest rates," - said an analyst at Mitsubishi Corp Jonathan Butler.

Meanwhile, today, China - the largest consumer of gold - will launch its light gold prices in an attempt to gain more control over pricing and enhance the impact on the market

The cost of the June gold futures on the COMEX today rose $ 20.6 to $ 1255.7 per ounce.