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Gold prices holding above $1,850 as U.S. new home sales fall 16% in April

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(Kitco News) - The U.S. housing sector continues to lose momentum as fewer consumers bought new homes last month.

New home sales fell to a seasonally adjusted annualized rate of 591,000 homes in March down 16.65, the U.S. Commerce Department said on Tuesday. February’s sales were revised to rate of 709,000 units.

The gold market is not seeing much momentum following the disappointing housing data. June gold futures last traded at $1,861 an ounce, up 0.71% on the day.

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