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August 11th - U.S. existing home sales fell to a three-month low in July, with high home prices and mortgage rates continuing to weigh on the housing market. Data released Tuesday by the National Association of Realtors (NAR) showed that contracted sales fell 1.7% month-over-month in July to an annualized rate of 4.06 million units, in line with the median forecast in a survey of economists. The weak sales figures indicate that the housing market remains sluggish, with persistently high listing prices and rising borrowing costs deterring many potential buyers. The existing home market has been hovering around an annualized rate of 4 million units since the end of 2022, awaiting a catalyst for a sustained rebound. NAR Chief Economist Lawrence Yun stated in a press release, "Home sales have been very stable, and even with the recent rise in mortgage rates, if the average mortgage rate could return to near 6%, theres no doubt the housing market would thrive."Market news: US President Trump said the reason for the US ammunition shortage is that Joe Biden provided $300 billion in aid to Ukraine.A U.S. State Department official said that negotiations between Lebanon and Israel are expected to resume in Rome in early September.US existing home sales fell 1.7% month-over-month in July, compared with an expected decline of 1% and a revised decline of 1.4% in the previous month (originally reported as -2.40%).U.S. existing home sales totaled 4.06 million units annualized in July, below the expected 4.05 million units and the previous figure revised from 4.09 million units to 4.13 million units.

Forecast for the price of gold: XAU/USD eases below the $1,804 barrier as Fed hawks back off due to weaker US inflation

Alina Haynes

Aug 11, 2022 11:58

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US inflation-driven gains in the price of gold (XAU/USD) are fading as the metal declines to $1,790 on Thursday during the opening Tokyo session. The recent decline in the price of precious metals may be related to conflicting worries about the US Federal Reserve's (Fed) upcoming actions as well as Sino-American friction.

 

On Wednesday, the US Consumer Price Index (CPI) fell to 8.5% YoY in July, below the 8.7% consensus and the 9.1% reading from June. According to Reuters, US President Joe Biden stated on Wednesday that there are some indications that inflation may be decreasing after the US released its inflation data. In the coming months, there may be more challenges for us to overcome, Biden continued. US President Biden continues, "We still have work to do, but we're on track."

 

Following the CPI report on Wednesday, traders of futures linked to the Fed's benchmark interest rate reduced their bets on a third consecutive 75-basis-point raise at its policy meeting on September 20-21 and now see a half-point increase as the most likely scenario, according to Reuters.

 

Neel Kashkari, president of the Minneapolis Fed, recently stated that the Fed is "far, far away from declaring success" on inflation. Additionally, the decision-maker stated that he hasn't "seen anything that changes" the need for the Fed to raise its policy rate to 3.9% by year's end and to 4.4% by the end of 2023. Charles Evans, president of the Chicago Fed, said in another place that a recession would likely require unfavorable circumstances to occur. Also labeling inflation "unacceptably" high, Fed's Evans

 

Additionally, according to sources cited by Reuters, US President Biden is reconsidering his China tariff policy in light of Taiwan's response, which put the XAU/USD bulls on the defensive.

 

S&P 500 Futures print modest gains near 4,220 by press time against this backdrop after Wall Street rose and US Treasury yields were largely unchanged the day prior.

 

Moving on, the monthly Producer Price Index (PPI) for July and the weekly US Jobless Claims numbers may amuse gold traders. However, in light of recent risk-negative headlines, special focus should be placed on the qualitative variables.

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