Spot Gold Climbs to $4,070 per Ounce as U.S. New Home Sales Increase

Gold prices moved near their daily highs on Friday after U.S. housing data showed improvement in June. New home sales rose 1.6% to a seasonally adjusted annual rate of 628,000 units, beating forecasts of 610,000, while May figures were revised higher to 618,000. On an annual basis sales fell 5.6% from 665,000 a year earlier. The median new-home price was $398,300 and the average price reached $475,000, with inventory at 485,000 units representing a 9.3-month supply. Analysts continue to monitor the sector due to its key role in economic activity. Spot gold spiked to a session peak of $4,069.98 at the 10 a.m. ET release and last traded at $4,061.76 per ounce, up 0.30% for the day.