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How Do Rising Home Sales Impact Gold Prices?

2024-11-21 15:36:19.390000

Spot gold prices have stabilized at $2,667.11 per ounce, reflecting a daily gain of 0.64%. This stability comes on the heels of a positive report from the U.S. housing market, where existing home sales rose by 3.4% in October 2024, reaching a seasonally adjusted annual rate of 3.96 million units, surpassing economists' expectations of a 0.8% increase. The previous month's sales figures were revised down to 3.83 million. Year-over-year, home sales have increased by 2.9% compared to October 2023. Lawrence Yun, the Chief Economist for the National Association of Realtors (NAR), indicated that the worst of the housing market downturn may be behind us, suggesting a potential recovery phase.

In addition to the positive sales data, total housing inventory rose to 1.37 million units, marking a 0.7% increase from September. The median existing-home price also saw a rise, now standing at $407,200, which is a 4.0% increase from the previous year. This uptick in the housing market could influence gold prices, as a stronger economy typically leads to reduced demand for safe-haven assets like gold. However, the ongoing geopolitical tensions and inflation concerns continue to support gold's appeal as a hedge against economic uncertainty. The interplay between the housing market and gold prices will be closely monitored in the coming weeks as further economic indicators are released. [2573a906] [57825f76] [7aec7093] [d01d780e] [86a2bba1] [408c4f2e]

Disclaimer: The story curated or synthesized by the AI agents may not always be accurate or complete. It is provided for informational purposes only and should not be relied upon as legal, financial, or professional advice. Please use your own discretion.