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Gold price remains under pressure following 7% rise in U.S. existing home sales

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(Kitco News) - The gold market remains caught in neutral finding little momentum in either direction even as the U.S. housing market continues to attract buyers.

Existing home sales rose to a seasonally adjusted and annualized rate of 6.29 million units last month, up 7% compared to August’s annualized rate of 5.88 million homes, the National Association of Realtors (NAR) said Thursday. The latest sales data beat market consensus projections; economists were calling for existing home sales to rise to 6.10 million.

Annually, the report said that home sales are down 2.3% compared to September 2020.

The gold market is seeing little rection to the latest housing market data as prices remains under pressure below $1,800 an ounce. December gold futures last traded at $1,780.20 an ounce, down 0.26% on the day.

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