Spot gold price above $1,900 for first time since 2011 as U.S. new homes sales beat expectations in June

Editor’s Note: Get caught up in minutes with our speedy summary of today’s must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here!

(Kitco News) Gold price maintained its daily gains after the U.S. new home sales beat expectations in June, rising 13.8% versus the expected 4% increase. May numbers were also upwardly revised to 19.4% advance.

New home sales were at a seasonally adjusted annualized rate of 776,000 homes in June, the U.S. Commerce Department said on Friday. May’s sales were revised up to a rate of 682,000 units.

Market consensus called for sales to advance to 700,000 units in June.

On an annual basis, new home sales were up 6.9% from last year’s estimate of 726,000 units.

Looking at home prices, the report said that the median sales price for homes sold last month was $329,200 while the average price was $384,700.

The inventory of houses for sale as of the end of June was at 307,000, representing a 4.7-month supply at current sales rate. 

Spot gold prices were trading above $1,900 an ounce for the first time since 2011 while August Comex gold futures advanced to $1,900.70, up 0.57% on the day.