Gold Remains on Upward Trend After UK Attacks

May 23, 2017 Share Print 0

Gold continues to hold steady, seeing little benefit from slowing momentum in the U.S. housing sector as few consumers bought new homes last month.

Tuesday, the U.S. Commerce Department said that new home sales fell 11.4% in April, to a seasonally adjusted annualized rate of 569,000 homes, down from March’s revised rate of 642,000 units. According to consensus forecasts, economists were expecting to see a modest drop to 611,000 units.

Gold prices continue to hold on to most of its recent gains, paying little attention to economic data. June Comex gold futures last traded at $1.261.60 an ounce, relatively flat on the day.

Sales are relatively flat compare to last year, rising only 0.5% compared to April 2015.

Looking at home prices, the report said that the median sales price for homes sold last month was 309,200; at the same time the average price was 368,300.

via Kitco

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.