Gold Price Ticks Downward as Home Prices Rise at Slowest Pace Since 2015
Lack of buying power in the housing market is resulting in a cool down of home prices as sellers adjust their expectations and moderate their asking prices. Home prices increased 4.7% annually in December vs 5.1% in November according to the S&P CoreLogic Case-Shiller US National Home Price Index.
December Housing Starts Hit Two-Year Low
Gold prices have ticked downward today despite negative housing market data which revealed that the rate of new US homes being built in December sunk to a two-year low.
Gold Rises as Multiple Federal Reserve Officials Release Policy Statements
After hefty corrections throughout yesterday’s session, gold is trading up again in the face of multiple statements made by Federal Reserve in both voting and non-voting positions. Today Fed officials spoke on a number of topics to grant insight into future monetary policy and the state of the US economy, with volatility observed in US futures and treasury yields as well as gold.
Existing Home Sales Drop Sharply to 3-Year Low
US existing home sales have hit a 3-year low, dropping -1.2% in January after dropping 6.4% the month before with prices rising only modestly. The data shows home sales to be well below market expectations of a 0.2% increase.
Major Miss as Philadelphia Manufacturing Index Slumps Into Negative Territory for First Time in Two Years
The Philadelphia Manufacturing Index sunk well below market expectations with a reading of -4.1 vs 14 expected. While a 3 point drop from the previous month’s reading of 17 was expected after weak manufacturing data was reported prior to todays data release, the -21.1 drop is highly unexpected and indicative that the problems in the manufacturing industry are worse than initially thought.
Price of Gold Lower as Initial Jobless Claims Drop Below Expectations
Initial jobless claims dipped well below the market consensus expectation of 230,000 at just 216,000, indicating that the labor market may be regaining its footing somewhat following the 12-month high in jobless claims seen last week. However, the four-week average is at a yearly high.
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