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23.06.2014 15:20

Gold moderate growth

The price of gold is slightly increased while as investors assess data on the U.S. housing market.

Sales in the secondary housing market increased significantly by the end of May, exceeding expectations in this, which is a sign of improvement during an important shopping season.

National Association of Realtors reported that the seasonally adjusted volume of home sales in May increased by 4.9% to an annual rate of 4.89 million units. Economists forecast a decline of this indicator to the level of 4.74 million units.

We also learned that the April sales figure was revised up to 4.66 million from 4.65 million, registering a 1.5% increase compared with the previous month. Add that it was the second consecutive monthly increase after a decline in sales in each of the first three months of the year. However, sales were down 5% compared with May last year.

Recall that the pace of home sales began to decline gradually in the middle of last year, after mortgage interest rates rose sharply. Unusually cold winter in much of the country also dampened demand. Potential buyers at the same time struggling with the rising cost of housing and limited reserves. Nevertheless, in recent years, this trend is starting to change for the better.

Today's report also showed that the average price of housing in the secondary market rose in May by 5.1% compared with last year - to $ 213,400. This was the slowest annual increase since March 2012.

The National Association of Realtors also said that inventories of homes for sale rose by 6% compared with 2013 year. At the current pace of sales, require 5.6 months to exhaust the entire stock.

The cost of the August gold futures on the COMEX today rose to $ 1318.8 per ounce.

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