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Existing home sales fell 0.7% last month to a seasonally adjusted and annualized rate of 4.00 million units, compared to December’s annualized rate of 4.02 million homes, the National Association of Realtors said on Tuesday. The latest housing market data was weaker than expected as economists were looking a sales rate of 4.09 million homes.
This is the twelfth consecutive month of declining home sales, the report said, adding that existing home sales are down 36.9% compared to January 2022. The gold market is trying to hold its ground in neutral territory around $1,850 an ounce as investors continue to react to mixed economic data. April gold futures last traded at $1,847.40 an ounce, down 0.16% on the day.
The gold market saw some selling pressure a few minutes ahead of the housing market data as investors reacted to better-than-expected activity in both the U.S. service and manufacturing sectors.
Should the US still dictate everything?