Gold Hits Session Highs as U.S. Existing Home Sales Slump

Key Facts

Amid growing signs of cooling economic momentum in the United States, gold prices reached their session highs following lackluster housing sector data. Reports indicated that existing home sales dropped by 2.4%, a move that helped the precious metal maintain its position above the critical support level of $4,100 per ounce. This price action reflects market sensitivity to the ongoing struggles within the U.S. housing market as highlighted in recent analyst findings.

This uptick comes as other economic sectors show mixed performance; for instance, the U.S. ISM Services PMI was reported at 54 on July 6, 2026, meeting expectations but suggesting cautious expansion. In comparison, international data showed a sharp contraction in the UK Construction PMI, which fell to 38.4 during the same period. Such global weakness in construction and real estate typically bolsters the appeal of safe-haven assets like gold, according to market data.

Looking ahead, traders are closely monitoring central bank communications for signals regarding interest rate trajectories. Key events include a speech by Governor Bailey and the release of the MPC Meeting Minutes on July 7, 2026.