Gold slips as U.S. home sales data beats modest expectations

The National Association of Realtors reported the dip on Tuesday, though the reality of the housing market proved more resilient than analysts anticipated. While the headline number of 4.06 million fell short of June’s upwardly revised 4.13 million, it remained above the projected 4.04 million mark. Gold prices reacted quickly to the report, sliding 0.11% in the minutes following the 10 a.m. ET release.

Lawrence Yun, chief economist at the NAR, pointed to a persistent stability in home transactions despite the headwinds of high mortgage rates. He noted that year-to-date sales have managed a 2.4% increase, suggesting that a return to 6% mortgage rates would likely ignite significant growth. Regional performance remained mixed, with sales volume increasing in the Northeast while declining across the Midwest and South.