Gold prices move higher as the US housing sector is starting to wane

Thursday, the U.S. Commerce Division mentioned that new house gross sales fell 6.9% in March, to a seasonally adjusted annualized price of 673,000 houses, down from the March revised price of 723,000 items. The drop was barely weaker than anticipated; in accordance with consensus forecasts, economists had been anticipating to gross sales of round 678,000 items.

The report mentioned that yearly, new house gross sales are up 7%, in comparison with April 2018.

The housing information has had little influence on gold costs, which had been buying and selling close to session highs following disappointing studies from the U.S. manufacturing and repair sectors. June gold futures proceed to carry to their positive aspects, final traded at $1,283.60 an oz., up zero.74% on the day.

By Kitco Information

The SPDR Gold Shares (GLD) was buying and selling at $121.27 per share on Thursday afternoon, up $1.03 (+zero.86%). 12 months-to-date, GLD has declined -1.92%, versus a 5.68% rise within the benchmark S&P 500 index throughout the identical interval.

GLD at the moment has an ETF Each day Information SMART Grade of B (Purchase), and is ranked #1 of 35 ETFs within the Treasured Metals ETFs class.

This text is dropped at you courtesy of Kitco Information.

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