Gold prices remain down as U.S. pending home sales fall 5.2% in March
- A drop in the number of U.S. consumers who have started the process of buying a new home is having little impact on gold prices as markets continue to focus on persistent inflation pressures.
Economists pay close attention to the pending home sales numbers because the index is seen as a forward-looking barometer for the housing market. A lag of a month or two usually exists between a contract and a completed sale. "Multiple offers are still occurring on about a third of all listings, and 28% of homes are selling above list price. Limited housing supply is simply not meeting demand nationally," he said.
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