Gold Stays Near $4,385/oz After U.S. Existing-Home Sales Drop 1.7% to 4.06 Million in July

Spot gold eased slightly after July U.S. existing-home sales data showed a modest pullback that still beat forecasts. The National Association of Realtors reported a 1.7% decline to a seasonally adjusted annual rate of 4.06 million units versus the expected 4.04 million. June’s figure was revised higher to 4.13 million.

Gold last traded at $4,385.57 per ounce, down 0.11% on the session. Regional sales varied, rising in the Northeast, holding steady in the West and falling in the Midwest and South. Year-over-year results increased in the Midwest and West while remaining flat in the Northeast and South.

NAR Chief Economist Lawrence Yun highlighted the market’s resilience despite elevated mortgage rates, noting year-to-date sales up 2.4% and potential strength if rates returned near 6%. He also pointed out that in smaller Midwest cities a $60,000 annual household income would suffice to purchase a median-priced home.