Gold Price Remains Under Pressure as US Home Sales Rise 3.2%

The gold market continues facing challenges attracting buyers as the US housing sector shows signs of stabilization. Total existing-home sales climbed 3.2% to 4.17 million in May from 4.02 million in April, beating economist forecasts of 4.07 million, and also rose 3.2% year-over-year. NAR Chief Economist Dr. Lawrence Yun highlighted that better affordability is boosting activity, with mortgage rates near long-term averages. Gold saw some selling after the data, last trading at $4,326.50 an ounce with little daily change. The US housing market holds 1.55 million homes for sale, equating to a 4.5-month supply, while the median price hit a record $429,300, up 1.3% annually. Only 1% of sales involved foreclosures, indicating solid homeowner finances.