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Gold Stems The Bleeding

Gold prices were flat Wednesday as U.S. stocks recovered early losses.

June gold settled at $1,291.50/oz, up $1.20, or less than 0.1%.

Gold fell sharply earlier in the week, tumbling to a 5-month low amid speculation the Federal Reserve will raise interest rates in June.

A stronger dollar also dented gold prices.

New residential construction in the U.S. pulled back by much more than anticipated in the month of April, according to a report released by the Commerce Department on Wednesday.

The report said housing starts plunged by 3.7 percent to an annual rate of 1.287 million in April after jumping by 3.6 percent to an upwardly revised 1.336 million in March.

The Federal Reserve said industrial production climbed by 0.7 percent in April, matching the upwardly revised increase in March.

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