Gold price drops to daily lows as U.S. new home sales surge in May gold economy housing
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. Looking at home prices, the median sales price for new homes sold last month was $416,300, and the average price was $487,300.
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.
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