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U.S. Pending Home Sales Index Drops 5.4% in June, Gold Retreats Below $4,000

GateNews
Metals

According to the National Association of Realtors, the U.S. Pending Home Sales Index dropped 5.4% in June, significantly worse than the 0.5% decline economists had forecasted. The NAR announced the data on Thursday, citing elevated mortgage rates and record-high home prices as headwinds for the housing market.

Gold prices remained pressured despite the disappointing housing data. Spot gold last traded at $3,992.80 per ounce, down 1.6% on the day, as the market remains focused on the prospect of additional interest rate hikes amid relative economic resilience.

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