Gold prices move higher as the US housing sector is starting to wane

Thursday, the U.S. Commerce Department said that new home sales fell 6.9% in March, to a seasonally adjusted annualized rate of 673,000 homes, down from the March revised rate of 723,000 units. The drop was slightly weaker than expected; according to consensus forecasts, economists were expecting to sales of around 678,000 units. The report said that annually, new home sales are up 7%, compared to April 2018. The housing data has had little impact on gold prices, which were trading near session highs following disappointing reports from the U.S. manufacturing and…

Gold remains below the important $1,300 level

The precious metal saw support “as tensions increased with Iran, worries persist in trade and tariff talks with China–with…Brexit still unresolved,” said George Gero, managing director at RBC Wealth Management. “Continuing global uncertainties support gold as a haven, from economic [to] political global woes.” June gold GCM9, +0.05% edged up $1.50, or 0.1%, to settle at $1,297.80 an ounce, though finished off the day’s high of $1,301.70. The SPDR Gold Shares ETF GLD, -0.06% was down less than 0.1% and the gold-miners focused exchange-traded VanEck Vectors Gold Miners ETF GDX, -0.24% traded little changed. July silver SIN9, -0.11% ended unchanged at $14.812…

Gold Prices Pull Back – ETF Daily News

World stock markets were mixed overnight, with European indexes mostly higher and Asian stocks mostly weaker. U.S. stock indexes are pointed toward higher openings when the New York day session begins. The world stock markets are trying to stabilize following Monday’s rout in the wake of the failed U.S. trade talks and the imposition of new tariffs by the U.S. and China against each other. There has been technical damage inflicted on U.S. stock indexes to suggest they have put in near-term tops and can now only trade sideways at…

Gold edges higher after Friday’s weaker than expected CPI number

Friday, the U.S. Labor Department said its U.S. Consumer Price Index rose 0.3% in April, after a 0.4% rise in March. The data were weaker than expected with consensus forecasts calling for a 0.4% rise. For the year inflation pressures rose 2%.. Stripping out volatile food and energy prices, core inflation rose slightly less than expected, increasing 0.1% in April. Economists were expecting to see a 0.2% rise. For the year core inflation pressures remain muted, rising 2.1%, rising slighty from March’s reading of 2.0 Gold prices have jumped modestly higher…

Gold purchases by central banks in Q1 were the highest in 6 years

Global gold reserves rose 145.5 tons in the first quarter, a 68 percent increase from a year earlier, the World Gold Council said Thursday in a report. Russia remains the largest buyer as the nation reduces its U.S. Treasury holdings as part of a de-dollarization drive. “We’ve seen a continuation of the strong demand from central banks,” said Alistair Hewitt, head of market intelligence at the World Gold Council. “We’re expecting another good year for central bank purchases, although I’ll be pleasantly surprised if they are to match the level…