Gold Prices Remain Up Following Soft U.S. New Home Sales Numbers

New York (May 23)  Momentum in the U.S. housing sector is starting to wane as fewer consumers bought new homes last month.

Thursday, the U.S. Commerce Department said that new home sales fell 6.9% in March, to a seasonally adjusted annualized rate of 673,000 homes, down from the March revised rate of 723,000 units. The drop was slightly weaker than expected; according to consensus forecasts, economists were expecting to sales of around 678,000 units.

The report said that annually, new home sales are up 7%, compared to April 2018.

The housing data has had little impact on gold prices, which were trading near session highs following disappointing reports from the U.S. manufacturing and service sectors. June gold futures continue to hold to their gains, last traded at $1,283.60 an ounce, up 0.74% on the day.

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