Gold price hits new daily lows as US existing home sales beat expectations in September

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Editor’s Note: In minutes, discover our quick summary of the must-see news and expert opinions that have moved precious metals and financial markets. Register here!(Kitco News) Gold hit new daily lows after US existing home sales surprised on the upside in September.

Existing home sales rose 9.4% last month at a seasonally adjusted and annualized rate of 6.54 million units, compared to August’s annualized rate of 5.98 million homes, the National Association of Realtors (NAR).

This advance follows a revised downward 2% increase in August. Economists were expecting a 5% increase to 6.30 million units in September.

Gold prices edged down to new daily lows immediately after the release. December’s Comex gold futures were last traded at $ 1,903.60, down 1.34% on the day.

This level of activity is unusual for September, the NAR said.

“Home sales traditionally decline towards the end of the year, but in September they exceeded what we normally see during this season,” said NAR chief economist Lawrence Yun. “I would attribute this jump to historically low interest rates and an abundance of buyers in the market, including vacation home buyers given the greater flexibility to work from home.

The median price for all home types was $ 311,800, up 14.8% from a year ago, marking the 103rd consecutive month of annual gains.

Total inventory was 1.47 million units, up 1.3 percent from August and 19.2 percent from last year’s total.

“There is no shortage of hopeful potential buyers, but stocks are historically low,” Yun said. “To their credit, we have seen some home builders move on to increase supply, but there is still a need for even greater production.

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