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.