Gold prices holding on to gains as U.S. new home sales drops 2.5% in June

-The gold market, while off its recent highs, continues to hold support well above $1,950 an ounce as the U.S. housing market continues to struggle as fewer consumers than expected are buying new homes.

However, for the year, new home sales are up 23.8% compared to June 2022, which was when the Federal Reserve started its aggressive tightening cycle. Looking at home prices, the report said that the median sales price of new houses sold in June 2023 was $415,400. At the same time, the average sales price was $494,700.

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