Gold & Silver Prices Decline After Housing News

GOLD

Gold prices fell to $2,321 per ounce after the latest data showed the U.S. housing market underperformed expectations in May. Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, fell 0.7% to a seasonally adjusted annual rate of 4.11 million in May, below the 0.3% decline to 4.12 million expected, and also lower than the revised 4.14 million recorded in April. Year-over-year, sales were down 2.8% compared to May 2023.

At 11am PT today, Gold is down $38, trading at $2,318.

SILVER

Silver fell below the key $30 level on the housing news, reaching a low of $29.45 per ounce. Strong demand came in at today’s lows, driving up the price by $0.25 per ounce.

At 11am PT today, Silver is trading at $29.52, down $1.11.