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Gold prices edge up as U.S. new home sales disappoint in December

Kitco News

Gold prices edge up as U.S. new home sales disappoint in December

(Kitco News) Gold prices ticked up after the U.S. new home sales missed expectations with a 0.4% decline in December. November numbers were also downwardly revised.

New home sales were at a seasonally adjusted annualized rate of 694,000 homes in December, the U.S. Commerce Department said on Monday. November’s sales were revised down to a rate of 697,000 units.

The market consensus called for sales to advance 1.5% to 730,000 units in December.

On an annual basis, new home sales were up 23% from last year’s estimate of 564,000 units.

Gold prices saw a small move up following the data release with February Comex gold futures last trading at $1,580.70, up 0.56% on the day.

Looking at home prices, the report said that the median sales price for homes sold last month was $331,400 while the average price was $384,500.

The inventory of houses for sale as of the end of December was at 327,000, representing a 5.7-month supply at current sales rate.

Live 24 hours gold chart [Kitco Inc.]

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