(Kitco News) Gold ticked up as the U.S. new home sales surprised on the upside in January with a jump of 7.2%. The prior month’s number was also revised higher.
New home sales were at a seasonally adjusted annualized rate of 670,000 homes last month, the U.S. Commerce Department said on Friday. December’s sales were revised up to a rate of 625,000 units.
Market consensus calls projected sales to drop to 620,000 units in January.
On an annual basis, new home sales were down 19.4% from last year’s January estimate of 831,000 units.
Looking at home prices, the report said that the median sales price for homes sold last month was $427,500, while the average price was $474,400.
As of the end of January, the inventory of houses for sale was at 439,000, representing a 7.9-month supply at the current sales rate.
Gold edged up from daily lows following the release of the data, with April Comex gold futures last trading at $1,820.10, down 0.37% on the day.
The gold market was also digesting the annual core PCE price index, the Federal Reserve's preferred measure of inflation, rising 4.7% versus the expected slowdown to 4.3%. For December, the core PCE price index was upwardly revised to 4.6%.
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