Monday, July 26, 2010

June New Home Sales Rebound More Strongly Than Expected

New home sales in the U.S. rose by a greater amount than expected last month: they jumped by 23.6% above the downwardly-revised May figure of 267,000, to 330,000. Economists were expecting a smaller rebound, to 315,000. Inventories of unsold new homes shrunk a little.

Gold didn't take the news all that well. From around $1,188 around the time the news was released at 10:00 AM ET, the metal plunged to as low as $1,179.70 before rebounding a little to around $1,182.

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