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- Gold price climbs on a weaker U.S. dollar
Gold price climbs on a weaker U.S. dollar
Gold price rose on a weaker U.S. dollar. The greenback declined against other currencies on the weaker-than-expected U.S. new home sales data. The U.S. Commerce Department released new home sales data on Monday. New home sales dropped 11.5% to a seasonally adjusted annual rate of 468,000 units in September from 529,000 units in August. August's figure was revised down from 552,000 units. It was the highest figure since February 2008.
Analysts had expected new home sales to reach 550,000 units.
The decline was driven by lower sales in the Northeast. New home sales in the Northeast plunged 61.8% in September.
This data points to a cooling in the U.S. housing market.
Market participants were cautious ahead of the release of the Fed's monetary policy meeting results on Wednesday.
December futures for gold on the COMEX today increased to 1166.20 dollars per ounce.
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