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(Kitco News) Gold dropped to new daily lows as the U.S. new home sales rose more than expected in May.
New home sales surged 12.2% last month and were at a seasonally adjusted annualized rate of 763,000 homes, the U.S. Commerce Department said on Tuesday. Market consensus calls expected sales to come in at 675,000 units in May. April’s sales were revised down to a rate of 680,000 from 683,000 units.
On an annual basis, new home sales were up 20% from last year’s May estimate of 636,000 units.
Looking at home prices, the median sales price for new homes sold last month was $416,300, and the average price was $487,300. As of the end of May, the inventory of houses for sale was 428,000, representing a 6.7-month supply at the current sales rate.
Gold fell to new daily lows following the release, with August Comex gold futures last at $1,925.50, down 0.43% on the day.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188)
