Gold Hits Session Highs as US Home Sales Fall Sharply

Gold prices climbed to daily peaks above $4100 an ounce after disappointing US housing figures. Existing-home sales dropped 2.4% to a 4.09 million annual rate in June, missing forecasts for flat readings, yet posted a 2.8% year-over-year gain.

Spot gold last changed hands at $4134.10, up 1.5%. NAR chief economist Lawrence Yun stressed buyer sensitivity to mortgage rates while noting job gains continue to underpin the market. The median sale price hit a record $440600.

Inventories totaled 1.56 million units, equating to a 4.6-month supply and highlighting the need for more listings to ease affordability even as wages outpace price growth.