2017.07.1907:58:00UTC+00Gold Levels Off As Dollar Steadies

Gold futures inched lower Wednesday morning as the dollar found its footing after significant recent losses versus major rivals.

The buck has sunk to a yearly low amid speculation the Federal Reserve will relent on interest rates hikes in 2018 due to stubbornly weak inflation.

Gold was down $2 at $1239 an ounce, having raced higher by about $30 in the past week.

Homebuilder confidence in the U.S. unexpectedly declined in the month of July, according to a report released by the National Association of Home Builders on Tuesday.

U.S housing starts data for June will be released at 8.30 am ET. Economists are looking for 1.170 million, down from 1.092 million last year.

The permits are expected to be 1.206 million, slightly up from a disappointing reading of 1.168 million last year.

Apart from that, there are few economic catalysts that may drive gold prices over the next few weeks.