Gold tumbles on bleak new home sales report

08:19, June 24, 2010      

Email | Print | Subscribe | Comments | Forum 

Gold futures on the COMEX Division of the New York Mercantile Exchange ended lower Wednesday on a worse-than-expected report on sales of new homes as well as strengthened dollar. Silver and platinum both climbed.

The most active gold contract for August delivery fell 6.0 dollars, or 0.5 percent, to finish at 1,234.8 U.S. dollars.

The commerce Department said in a report on Wednesday that new home sales collapsed a record 33 percent in May to a seasonally adjusted annual rate of 300,000, the lowest level since records began in 1963, which was much worse than the 19 percent decline projected by economists and suggested that potential consumers stopped purchasing new homes after a federal subsidy for home buyers expired. Stocks market and gold price dropped quickly on the news.

Meanwhile, the sharp decline in crude oil price and the rally in dollar have sparked profit-taking in the gold market and dragged down gold price.

July silver plunged 44.3 cents, or 2.3 percent, to settle at 18. 459 dollars per ounce, July platinum dropped 26.0 dollars, or 1.6 percent, to settle at 1,567.0 dollars per ounce.



  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • A man visits "Thy Word Is Truth, the Bible Ministry Exhibition of the Protestant Church in China", during its opening at Mount Vernon Place United Methodist Church in Washington DC, capital of the United States, Sept. 28, 2011. Through the Bible's various Chinese versions, ancient or modern, as well as pictures, paintings, calligraphy, art works and historical documents, the exhibition was expected to give an overall understanding of how Bible was brought into China, how it was translated, published, distributed and loved. (Xinhua/Zhang Jun)
  • A visitor passes by in the exhibition of Istanbul design week on Sept. 28, 2011 in Istanbul, Turkey. Istanbul design week will be hosting designers and design exhibitions from around the world in Istanbul from Sept 28 to Oct 2 with the participation of 25 countries. (Xinhua/Ma yan)
  • Red flag flies at the Jiuquan Satellite Launch Center in northwest China's Gansu Province, Sept. 28, 2011. A spokesperson with China's manned space program said Wednesday that fuel has been injected into the Long March-2FT1 carrier rocket in preparation for launching the Tiangong-1 space module Thursday evening as planned. (Xinhua/Wang Jianmin)
  • A militant loyal to the Libyan National Transitional Council (NTC) waves in a tank near Bani Walid, one of the pro-Muammar Gaddafi strongholds, on Sept. 28, 2011. (Xinhua/Hamza Turkia)
  • Jewish worshippers pray at the Western Wall, Judaism's holiest prayer site, in Jerusalem's Old City on Sept. 28, 2011, ahead of Rosh Hashanah, the two-day Jewish new year which will begin at sunset on Sept. 28 and conclude at nightfall on Sept. 30. (Xinhua/Muammar Awad)
  • High school student Johanna Choapa is helped by her father after announcing the end of hunger strike in Santiago, capital of Chile, on Sept. 28, 2011. The end of the strike took place to make way for a dialogue with the government, seeking to resolve the four-month crisis in the education sector. (Xinhua/Jorge Villegas)
Hot Forum Discussion