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Gold price pushing back to session highs as U.S. pending home sales drop 5.5% in July

Kitco Media
By Neils Christensen
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Gold price pushing back to session highs as U.S. pending home sales drop 5.5% in July teaser image

(Kitco News) - The U.S. housing sector can’t find any consistent momentum as few Americans are looking to enter the housing market even as the Federal Reserve prepares to lower interest rates.

The U.S. pending home sales index dropped 5.5% in July, the NAR announced Thursday, more than unwinding June’s 4.8% increase. With a reading of 70.2, the index has dropped to its lowest level since the NAR first produced it back in 2001.

The data was significantly weaker than expected as economists were looking for a 0.2% increase.

For the year contract signings are down 8.5%, the report said.

The disappointing housing data is having a solid impact on gold as prices push to record highs in initial reaction to the numbers. December gold futures last traded at $2,551.50 an ounce, up 0.54% on the day.
 

Kitco Media

Neils Christensen

Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada. He has worked exclusively within the financial sector since 2007, when he started with the Canadian Economic Press. Neils can be contacted at: 1 866 925 4826 ext. 1526 nchristensen at kitco.com @KitcoNewsNOW

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US housing markethome salesUS homespending home salesNational Association of Realtorsinterest ratesmortgages

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