Gold Climbs as US Housing Market Stalls

The National Association of Realtors reported that existing-home sales dropped to a seasonally adjusted annual rate of 4.09 million, falling short of economist projections that anticipated an unchanged reading from May’s 4.19 million. Despite the lack of an immediate, explosive rally following the announcement, the 1.5% daily gain in gold prices indicates a steady shift in sentiment.

While home sales remain 1.8% higher than they were this time last year, the monthly contraction highlights the persistent headwinds facing the U.S. property market. Investors appear to be using the lackluster housing data as a catalyst to solidify support above the $4,100 threshold, marking a clear preference for bullion amid broader signs of cooling economic activity.