Gold tumbles on bleak new home sales report

08:19, June 24, 2010      

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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.

Source:Xinhua

(Editor:黄蓓蓓)

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