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]