Weak U.S. Housing Data Fails to Lift Gold Prices

The gold market struggles to hold support at 4000 dollars per ounce and attracts no safe-haven flows as the sluggish U.S. housing sector risks weighing on economic activity through the second half of the year. NAR’s Pending Home Sales Index fell 5.4% in June versus an expected 0.5% decline, while the index is 0.3% lower over the past twelve months. Chief Economist Dr. Lawrence Yun said near-year-high mortgage rates and record median home prices are making the market especially tough for first-time buyers, although job gains could still support demand. Gold failed to gain buying momentum despite the weak housing numbers, remaining focused on potential further rate hikes amid broader economic resilience. Spot gold last traded at 3992.80 dollars an ounce, down 1.6%.