{"id":2694,"date":"2024-06-21T04:27:59","date_gmt":"2024-06-21T04:27:59","guid":{"rendered":"https:\/\/prendergast.net\/?p=2694"},"modified":"2024-06-21T04:27:59","modified_gmt":"2024-06-21T04:27:59","slug":"gold-price-testing-resistance-at-2350-but-largely-ignores-55-drop-in-us-housing-starts","status":"publish","type":"post","link":"https:\/\/prendergast.net\/?p=2694","title":{"rendered":"Gold price testing resistance at 2350 but largely ignores 55 drop in US housing starts"},"content":{"rendered":"
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Gold price testing resistance at $2,350 but largely ignores 5.5% drop in U.S. housing starts<\/strong><\/span><\/span><\/h1>\n

Gold price testing resistance at $2,350 but largely ignores 5.5% drop in U.S. housing starts teaser image<\/p>\n

The U.S. housing sector continues to struggle as the construction of new homes falls to its lowest level in nine months.<\/p>\n

The gold market is not seeing much reaction to the disappointing data, as the price manages to push above initial resistance at $2,350 an ounce.<\/p>\n

Housing starts dropped 5.5% in May to a seasonally adjusted annual rate of 1.277 million units, the Commerce Department said on Thursday. The data came in lower than expected, as economists looked for a rate of 1.37 million units.<\/p>\n

Meanwhile, the report said that housing construction compared to last year is down nearly 20%.<\/p>\n

The gold market continues to consolidate as it pays little attention to economic data. August gold futures last traded at $2,350.50 an ounce, up 0.15% on the day.<\/p>\n

At the same time, a further decline in building permits issued last month does not bode well for a sustained recovery in the housing market anytime soon. The report said that building permits for future homebuilding declined 3.8% to a rate of 1.386 million last month, compared to April’s revised estimate of 1.444 million permits.<\/p>\n

The issuance of building permits is down 9.5% for the year.<\/p>\n

Although the latest housing data continues to disappoint, it has not surprised many economists as the sector faces some significant headwinds.<\/p>\n

The Federal Reserve’s aggressive monetary policy stance has kept mortgage rates elevated. At the same time, a lack of supply has pushed home prices higher, pricing many potential home buyers out of the marketplace.<\/p>\n

Relief for the housing market could come after the summer as markets expect the U.S. central bank to cut rates in September.<\/p>\n

Kitco Media<\/p>\n

Neils Christensen<\/p>\n

Time to Buy Gold and Silver<\/a><\/span><\/u><\/span><\/span><\/span><\/p>\n

<\/p>\n

Tim Moseley<\/p>\n","protected":false},"excerpt":{"rendered":"

Gold price testing resistance at $2,350 but largely ignores 5.5% drop in U.S. housing starts Gold price testing resistance at $2,350 but largely ignores 5.5% drop in U.S. housing starts teaser image The U.S. housing sector continues to struggle as the construction of new homes falls to its lowest level in nine months. The gold … Continue reading Gold price testing resistance at 2350 but largely ignores 55 drop in US housing starts<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[291],"_links":{"self":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts\/2694"}],"collection":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2694"}],"version-history":[{"count":0,"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts\/2694\/revisions"}],"wp:attachment":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}