Gold price climbs as U.S. pending home sales miss expectations in September

Editor’s Note: Get caught up in minutes with our speedy summary of today’s must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here! (Kitco News) Gold is attempting to make up some of the lost ground after the U.S. pending home sales miss expectations in September, showing that fewer consumers committed to buying a home.

The U.S. pending home sales declined 2.2% in September, the National Association of Realtors (NAR) said on Thursday. Consensus forecasts were calling for an increase of 3.4%.

The pending home sales index came in at 130.0 in September. August’s reading was upwardly revised to 132.9.

On an annual basis, pending home sales are still up 20.5% as low mortgage rates continue to drive demand."The demand for home buying remains super strong, even with a slight monthly pullback in September, and we’re still likely to end the year with more homes […]

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