Gold prices holding near session highs as U.S. pending home sales index rises 8.1% in January
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This is the second consecutive month the leading housing market report beat economists' expectations. Economists pay close attention to the pending home sales numbers because the index is seen as a forward-looking barometer for the housing market. A lag of a month or two usually exists between a contract and a completed sale.
While's January's data highlights a potential recovery in the U.S. housing market, the report noted that in the last 12 months, the index is down 24.1%.
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