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Gold Moves Little On News of 7% Rise In U.S. New-Home Sales To 646,000

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(Kitco News) - Gold prices moved little, thus hanging onto early gains, after a government report that sales of new U.S. single-family homes rose by 7% in June to a seasonally adjusted and annualized pace of 646,000. Spot gold was last up $9.40 to $1,426.60 an ounce.

Consensus estimates compiled by various news organizations called for sales to be around 658,000 to 660,000.

The May rate was revised to 604,000 from the previously reported 626,000 homes.

The median sales price of new houses sold in June was $310,400. The average sales price was $368,600.

Meanwhile, seasonally adjusted estimate of new houses for sale at the end of June was 338,000. This represents a supply of 6.3 months at the current sales rate.

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