Gold prices within striking distance of $2,700 as U.S. new home sales fall 4.7% in August

NEW YORK (September 25) The U.S. housing market is showing signs of stabilization as the number of new homes sold last month fell less than expected. However, the better-than-expected data is having little impact on gold as it trades within striking distance of $2,700 an ounce.

New home sales dropped 4.7% last month to a seasonally adjusted annual sales rate of 716,000 homes, below July’s upwardly revised rate of 751,000, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development announced Wednesday.

New home sales are up 9.8% from August 2023, the report said.

Although sales declined, the report was better than expected as economists were looking for a sharper drop to 699,000.

The gold market is largely ignoring the latest economic data as prices continue to hold near record highs. December gold futures last traded at $2,689.80 an ounce, up 0.48% on the day.

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