Gold Sinks on Surge in New Home Sales

by Christopher Freeburn | February 26, 2014 4:38 pm

Gold Silver GLD IAU SLV[1]Gold fell back in Wednesday trading after a report signaled continued strength in the U.S. real estate market, weakening the metal’s safe haven appeal. It marked gold’s first decline in four sessions.

According to the Commerce Department, sales of new single-family homes surged almost 10% in January, rising to their highest level in more than five years. The news bolstered the U.S. dollar, which rose against other currencies.

Gold futures for April delivery dropped 1.1% to $1,328 per ounce on Wednesday, according to CME Group[2]. Gold traded as high as $1,345.60 and as low as $1,322.30. Bullion closed in London at $1,330, according to BullionVault[3].

Silver futures for March delivery tumbled 3.2% to $21.25 per ounce. Wednesday’s high for silver was $22.04, while the low was $21.09.

Metal funds declined on Wednesday.

Mining ETFs faded during the day.

Gold stocks pulled back on Wednesday.

Silver mining shares retreated during the day.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

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