(Kitco News) - After giving up all of its overnight gains, the gold market continues to tread water at lower; it is not attracting any safe-haven flows following disappointing U.S. housing sales data.
Existing home sales declined to a seasonally adjusted and annualized rate dropped 2.2% to 4.07 million units last month, compared to June's annualized rate of 4.16 million homes, the National Association of Realtors said on Tuesday. Market consensus projections were calling for existing home sales to remain relatively steady at 4.15 million units.
For the year, the report said that existing home sales are down more than 16% from July 2022 levels. The U.S. housing sector continues to struggle as the Federal Reserve maintains its aggressive interest rate hikes, which have driven mortgage rates higher. Along with rising financing costs, potential new home buyers also face higher home prices as inventories remain low.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold SWOT: Asian ETFs bought $132 million of gold in July(Kitco commentary) - The best performing precious metal for the week was silver, up just 0.19%. Lab-grown diamond trade data indicates that it continues to gain market share
Read more »
Gold, silver see price gains on short covering(Kitco News) - Gold and silver prices are firmer in early U.S. trading Monday, with gold poking to another five-month low in overnight trading.
Read more »
Gold Market Analysis for August 21 - Key Intra-day Price Entry Levels for Active Traders(Kitco News) - This 5-minute bar chart for Comex gold futures can be a valuable analytical and trading tool for the active intra-day gold futures trader/market watcher.
Read more »
Gold Market Analysis for August 22 - Key Intra-day Price Entry Levels for Active Traders(Kitco News) - This 5-minute bar chart for Comex gold futures can be a valuable analytical and trading tool for the active intra-day gold futures trader/market watcher.
Read more »
Crypto SWOT: Investors added $49.3 million to crypto-focused exchange traded products in the past monthKitco News' contributed commentary features articles and opinions from some of the top experts in the gold industry.
Read more »
Gold bulls will need to stay patient for a little while longer(Kitco News) - Fundamentals, positioning, sentiment, and technical analysis all point to a further delay in gold’s big move upward, according to Chris Yates of Acheron Insights.
Read more »