Low Housing Sector Numbers Help Gold Gain Traction

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Gold Prices Going Up

Gold futures trimmed losses on Monday, after official data showed that US new home sales fell to a four-month low in July, dampening optimism over the health of the housing sector.

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The pace of new-home sales fell to the slowest in four months last month, signaling US real estate lacks the vigor to propel faster growth in the economy. Purchases unexpectedly declined 2.4 percent to a 412,000 annualized pace, weaker than the lowest estimate of economists surveyed by Bloomberg.

With a decline of 2.0 percent to INR 41,998 ($694.58) per kilogram on Monday, August 25, Indian silver recorded the biggest price drift of the day. US silver closed 0.2 percent lower at $19.37 per ounce. The price of Chinese silver remained essentially flat at CNY 4,185 ($677.90) per kilogram. For the fifth consecutive day, the price of Japanese silver held flat at JPY 636.00 ($6.10) per 10 grams.

At INR 27,625 ($456.87) per 10 grams, Indian gold bullion fell 0.7 percent on Monday. After falling for two days, the price of US gold bullion rose 0.1 percent to $1,278 per ounce. The price of Chinese gold bullion steadied at CNY 253.60 ($41.08) per gram following two-days of dropping prices. The price of Japanese gold bullion remained steady at JPY 4,269 ($40.97) per gram.

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Chinese platinum bar saw little change in its price yesterday at CNY 299.00 ($48.43) per gram. Following two days of downward movement, the price of US platinum bar held steady at $1,414 per ounce. Japanese platinum bar stayed flat at around JPY 4,748 ($45.56) per gram.

The price of Japanese palladium bar showed little movement on Monday at JPY 2,900 ($27.83) per gram. The price of US palladium bar remained steady at $876.00 per ounce. At CNY 192.00 ($31.10) per gram, the price of Chinese palladium bar was essentially unchanged.

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