Spot Gold Spikes to $4,070 as U.S. June New Home Sales Rise 1.6%
Updated
Updated · Kitco NEWS · Jul 24
Spot Gold Spikes to $4,070 as U.S. June New Home Sales Rise 1.6%
3 articles · Updated · Kitco NEWS · Jul 24
Summary
$4,069.98 spot gold hit a session high after U.S. June new home sales data, then traded at $4,061.76, up 0.30% on the day.
June new home sales rose 1.6% to a 628,000 annualized pace, beating the 610,000 consensus even though the gain missed forecasts for a 3.4% increase.
May sales were revised up to 618,000 from 580,000, while June sales still ran 5.6% below the 665,000 pace recorded a year earlier.
The housing market remains a key economic gauge after the Fed's fastest rate-hiking cycle in 40 years, with 485,000 homes for sale equal to a 9.3-month supply.