Gold Prices Dip as US Existing-Home Sales Fall Short

Spot gold prices dropped to $4,385.57 per ounce after the release of July's existing-home sales data from the National Association of Realtors (NAR). The total number of existing-home sales fell by 1.7% to a seasonally adjusted annual rate of 4.06 million units.

The decline was less severe than expected, as economists had forecasted a decrease to 4.04 million units. However, June's total sales were revised upward from 4.09 million to 4.13 million units.

NAR Chief Economist Lawrence Yun attributed the stability of home sales to the rising mortgage rate environment, stating that 'year-to-date sales are up 2.4% and there's no doubt that the housing market would be thriving if average mortgage rates were to return near 6%.'