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Spot gold price above $1,900 for first time since 2011 as U.S. new homes sales beat expectations in June

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(Kitco News) Gold price maintained its daily gains after the U.S. new home sales beat expectations in June, rising 13.8% versus the expected 4% increase. May numbers were also upwardly revised to 19.4% advance.

New home sales were at a seasonally adjusted annualized rate of 776,000 homes in June, the U.S. Commerce Department said on Friday. May’s sales were revised up to a rate of 682,000 units.

Market consensus called for sales to advance to 700,000 units in June.

On an annual basis, new home sales were up 6.9% from last year’s estimate of 726,000 units.

Looking at home prices, the report said that the median sales price for homes sold last month was $329,200 while the average price was $384,700.

The inventory of houses for sale as of the end of June was at 307,000, representing a 4.7-month supply at current sales rate. 

Spot gold prices were trading above $1,900 an ounce for the first time since 2011 while August Comex gold futures advanced to $1,900.70, up 0.57% on the day.

Live 24 hours gold chart [Kitco Inc.]

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