The recently released figures for Existing Home Sales in the United States stand at 4.26 million, surpassing forecasts of 4.05 million and exceeding the previous data of 4.09 million. This increase reflects a more robust economic landscape in the US, showcasing consumer purchasing power that remains strong despite the ongoing high interest rates.
The uptick in the housing market indicates that consumers are still willing to make purchases, even in the face of expensive borrowing costs, which signals economic resilience that may contribute to sustained inflation.
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As a result, Gold prices have been highly volatile, currently trending downward around $3,032. This decline is largely attributed to strong economic data, which typically raises expectations that the Federal Reserve will maintain its tight monetary policy for an extended period. Such a stance could strengthen the USD, putting downward pressure on Gold prices, which often move inversely to the dollar. Given the solid performance of the US economy, continued downward pressure on Gold may persist if market expectations for hawkish Fed policies intensify.
