Gold price remains under pressure following 7% rise in U.S. existing home sales

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) -The gold market remains caught in neutral finding littlemomentum in either direction even as the U.S. housing market continues toattract buyers.

Existinghome sales rose to a seasonally adjusted and annualized rate of 6.29 millionunits last month, up 7% compared to August's annualized rate of 5.88 millionhomes, the National Association of Realtors (NAR) said Thursday. The latestsales data beat market consensus projections; economists were calling forexisting home sales to rise to 6.10 million.

Annually,the report said that home sales are down 2.3% compared to September 2020.

Thegold market is seeing little rection to the latest housing market data asprices remains under pressure below $1,800 an ounce. December gold futures lasttraded at $1,780.20 an ounce, down 0.26% on the day.

By Neils Christensen

For Kitco News

Follow neils_Cnchristensen@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Another 'Bubble Check' for the gold sector

Gold stocks continue to hit new highs

Some mining stocks exposed to Burkina Faso take major hit

Gold stocks again hit new highs

Gold stocks reach new highs on metal price gain