Investing.com - Gold futures traded slightly lower in the early part of Thursday’s Asian session as traders in the region examined some buoyant U.S. housing data that weighed on the yellow metal during Wednesday’s U.S. session. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery inched down 0.01% to USD1,319.35 per troy ounce after settling down 0.48% at USD1,328.35 a troy ounce in U.S. trading on Wednesday. Gold futures were likely to find support at USD1,269.45 a troy ounce, the low from July 17, and resistance at USD1,391.35, the high from June 17. In U.S. economic news out Wednesday, the National Association of Home Builders/Wells Fargo builder sentiment index climbed to 57 this month from 51 last month. The July reading reading is the highest since January 2006. Readings above 50 indicate builders view the market as good. New home sales advanced 8.3%, the best rate in five years. The seasonally adjusted rate was 497,000 units. Economists expected 484,000. May's sales rate was also revised up to 459,000. While those numbers did not do much to boost U.S. equities, they did spook traders who believe strong U.S. data gives the Federal Reserve room to begin tapering its quantitative easing program sooner than later. Improving indicators in the U.S. tend to boost expectations that monetary stimulus programs such as the Fed's monthly USD85 billion bond-buying program, which weaken the dollar to spur recovery, will end soon and allow the greenback to rise. Gold recently surged on indications the Fed will keep its monetary policy loose for the foreseeable future and any news that could spark change to the Fed’s views could hamper precious metals. Elsewhere, silver for September delivery jumped 0.40% to USD20.100 per ounce while copper for September delivery was flat at 3.184 per ounce.

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