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(Kitco News) – The gold market is seeing a gain above $2,000 as the market sees further support from disappointing home sales data.
Existing home sales declined 4.1% to a seasonally adjusted and annualized rate 3.79 million units last month, compared to September’s annualized rate of 3.95 million homes, the National Association of Realtors (NAR) said on Thursday.
The latest housing data significantly missed expectations. Market consensus projections were calling for existing home sales to fall slightly to 3.90 million units.
The gold market was seeing solid momentum, breaking above $2,000 an ounce ahead of the disappointing economic data and is seeing further bullish flows in initial reaction. December gold futures last traded at $2,007 an ounce, up 1.35% on the day.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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