Gold Sinks on Strong U.S. Home Sales

by Christopher Freeburn | July 24, 2013 4:45 pm

Gold Silver GLD IAU SLV[1]A report from the Commerce Department showing better-than-expected U.S. sales of single family homes in June[2] sent the U.S. dollar up and gold down in Wednesday trading.

Gold futures for August delivery dropped 1.1% to $1,319.70 per ounce on Wednesday, according to CME Group[3]. Gold traded as high as $1,348.70 and as low as $1,312.70. Gold bullion closed in London at $1,323, according to BullionVault[4].

Silver futures for August delivery also slid 1.1% to $20.01 per ounce. Wednesday’s high for silver was $20.44, while the low was $19.98.

Gold and silver funds declined in Wednesday trading.

Gold and silver mining ETFs skidded during the day.

Gold mining shares sank 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[24] contributed to this report.

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  2. better-than-expected U.S. sales of single family homes in June:
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  24. BullionVault:

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