- Write by:
-
Monday, July 30, 2018 - 10:01:49 PM
-
471 Visit
-
Print
Mining News Pro - ( Kitco News ) - Gold prices are relatively unchanged on the day, seeing little movement despite some momentum in the housing sector as more ...
Mining News Pro - ( Kitco News ) - Gold prices are relatively unchanged on the day, seeing little movement despite some momentum in the housing sector as more consumers commit to buying homes in June, according to the latest data from the National Association of Realtors (NAR).
Monday, the association said that its pending home sales index rose 0.9% in June to a reading of 106.9, compared to May’s drop of 0.5%. The numbers were better than expected as economists were calling for an increase of 0.4%.
Despite the monthly increase, the index was down 2.5% compared to June 2017.
While gold is relatively unchanged on the day, the market continues to struggle to find momentum as prices hover near their lowest levels in 12 months. Economic data is having little impact on the yellow metal, which continues to be dominated by currency markets. August gold futures last traded at $1,222.70 an ounce, down 0.02% on the day.
The positive housing sector data comes as a bit of relief for the sector as economists note that higher home prices and rising interest rates are pricing many concumers, particularly first-time home buyers, out of the marketplace.
“After two straight months of pending sales declines, home shoppers in a majority of markets had a little more success finding a home to buy last month,” said Lawrence Yun, NAR chief economist. “The positive forces of faster economic growth and steady hiring are being met by the negative forces of higher home prices and mortgage rates. Even with slightly more homeowners putting their home on the market, inventory is still subpar and not meeting demand.
Economists closely watch the pending home sales numbers because the index is seen as a barometer for the housing market. A lag of a month or two usually exists between a contract and a completed sale.
Short Link:
https://www.miningnews.ir/En/News/226083
Mining News Pro - Michael Nowak was once the most powerful person in the gold market.
Mining News Pro - Gold extended its decline heading into 2022, falling by more than 1% on Monday as a risk-on rally in ...
Mining News Pro - Gold edged lower as investors weighed mixed labor data from the U.S., the Federal Reserve’s hawkish ...
Mining News Pro - Gold erased more than two weeks’ worth of gains on Monday, pressured by a firmer dollar and ...
Mining News Pro - Spot gold prices have hit another five-month high – the second time in 2021 they’ve peaked at such an ...
Mining News Pro - Gold prices held firm on Monday near the key level of $1 800 as a drop in the US dollar bolstered ...
Mining News Pro - Gold pared earlier losses and rose above the $1,800 level once again after the latest US inflation ...
Mining News Pro - The gold industry is committed to supporting the achievement of the UN Sustainable Development Goals ...
Mining News Pro - Gold extended its recovery from the recent selloff on Friday as a retreat in the US dollar enticed ...
No comments have been posted yet ...